According to Mike Murchison, understanding a subject thoroughly is best achieved through immersion rather than analysis.
The accomplished tech entrepreneur chose to work as a front tech support representative for several months to enhance businesses’ customer service, drawing from his experience studying cognitive science, philosophy, and human-computer interaction at the University of Toronto’s Faculty of Arts & Science.
Reflecting on his journey, Murchison remarked, “I used to believe that problem-solving was purely an intellectual exercise. However, gaining a deep understanding of the daily operations reveals a distinctly unique approach.”
Murchison’s company, Ada, leverages AI to help companies automate customer support, a concept influenced by his stint in the call center. Ada, which graduated from the seed-stage pedal program at the Rotman School of Management’s Creative Destruction Lab, has emerged as a leader in AI-enabled customer support. In 2021, the company secured a Series C funding round of \(130 million, surpassing a \)1 billion valuation and attaining “unicorn” status. Meta, Shopify, and Verizon are among Ada’s prominent clients.
Scheduled to speak at the Desjardins Speaker Series hosted by U of T Entrepreneurship on November 21, Murchison aims to delve deeper into Ada’s growth trajectory and his innovative odyssey. This series, a collaborative effort with Desjardins spanning three years, features a student startup pitch competition with prizes exceeding $100,000,000.
As part of U of T’s initiatives to foster entrepreneurship, Murchison highlighted the university’s role in nurturing over 12 campus-based startups, generating 650 businesses, creating 9,000 jobs, and attracting $3 billion in investments in the last decade.
Ada’s future plans involve expanding its AI software to streamline responses to complex customer queries with minimal human intervention. Murchison elaborated on the development of a reasoning engine that integrates various speech models, including those powered by OpenAI’s ChatGPT.
Moreover, Ada introduced Generative Actions, enabling users to train their AI systems to retrieve data from business systems for personalized responses and actions. Murchison envisions AI experiences that not only rival but surpass human capabilities, underscoring Ada’s commitment to delivering exceptional customer service.
Murchison cautioned against overestimating the intrinsic value of systems and emphasized viewing AI as a tool for solving real-world challenges rather than an end in itself. He advocated for coaching and feedback to optimize AI performance, akin to enhancing a human employee’s effectiveness over time.
In his forthcoming presentation, Murchison will elucidate strategies for implementing this approach effectively. He recommended that students exploring AI and related fields tap into U of T’s wealth of resources, expertise, and mentorship opportunities.
Geoffrey Hinton, a esteemed professor at the university, played a pivotal role in Murchison’s academic journey, offering valuable insights and guidance. Murchison emphasized the significance of seizing the abundant learning opportunities available at U of T to propel one’s academic and entrepreneurial pursuits.
Encouraging students to leverage U of T’s robust entrepreneurial support network, Murchison lauded the university’s commitment to nurturing innovation and fostering a supportive environment for aspiring entrepreneurs.
