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Fake Founder, Real Funding: AI-Generated Profile Lands VC Offer in 24 Hours

The incident highlights the potential misuse of AI technology and the need for ethical considerations and responsible use

Fake Founder, Real Funding: AI-Generated Profile Lands VC Offer in 24 Hours

Outlook Start-Up Desk

POSTED ON March 02, 2023 2:24 PM

An AI-generated profile of a fake startup founder named Chad Smith on LinkedIn has received a lucrative funding offer from a venture capital firm within 24 hours of being created. Roshan Patel, a New York-based entrepreneur, created the profile to highlight the dangers of AI technology and its potential for misuse.

Chad Smith's LinkedIn profile claimed he was a white male, a Stanford University dropout, and a former employee of finance startup Stripe. The profile was convincing enough to make investors fall for it, and Patel received several funding offers, including one from a prestigious venture capital firm. Patel shared a screenshot of the fake profile and the message he received from the investor on Twitter, which has gone viral with over 11.6 million views and 76,000 likes.

Many Twitter users responded to Patel's tweet with humour, while others raised concerns about the issue of racial bias in venture capital circles and the difficulties founders of colour face in their startup journey. Some also questioned if the message from the venture capital firm was also AI-generated.

The incident highlights the potential misuse of AI technology, which has led to an abundance of fake and duplicate identities and several attempts at spreading false news. The rise of AI has also raised concerns about job displacement, algorithmic bias, and privacy violations. The development of AI technology requires ethical considerations and responsible use to ensure its benefits outweigh its risks.

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