ChatGPT's Influence on New Venture Creation: Accelerating, Enriching, and Complicating the Defining and Ideation Phases of Design Thinking

Abstract

This master's thesis examines the role of ChatGPT in the early stages of venture creation, focusing on its application in the defining and ideation phases of Design Thinking. The growing use of ChatGPT in business practices suggests its potential to impact entrepreneurship. Despite the rising interest, there is a need to fill the gap in literature on the impacts of using ChatGPT in new venture creation.

The research questions address how ChatGPT influences defining and ideation, as well as the benefits and challenges of using ChatGPT in new venture creation. To answer the questions, a qualitative case study methodology was employed, involving semi-structured interviews with eight venture creators from diverse industries. These interviews provided insights into the practical applications and theoretical implications of ChatGPT in entrepreneurial processes.

The findings demonstrate how ChatGPT accelerates the defining phase, enriches the ideation phase, and introduces the risk of analysis paralysis, while emphasizing the need for ongoing human oversight. This confirms and extends existing theories on AI’s assistive role in entrepreneurial processes. Additionally, the thesis presents an encapsulated Double Diamond model that visually integrates empirical data on using ChatGPT in design thinking.

This study contributes to the field of AI in entrepreneurship and innovation processes by providing empirical evidence on the dual role of ChatGPT in enhancing efficiency and creativity in venture creation, identifying challenges such as information overload, and emphasizing the critical need for human oversight. The scope is limited to the early stages of venture creation, and future research could take a look at its impact on later stages.