“Practica Introduces AI-Based Career Coaching and Mentorship for Career Growth Using ChatGPT”
Can an AI be your mentor?
In today’s fast-paced work environment, professionals often face numerous challenges that hinder their growth and success. To address this issue, a startup called Practica has developed an innovative solution – an AI system designed to act as a personalized workplace mentor and coach.
Practica’s AI chatbot experience is built on top of an existing knowledge base created over the years through collaboration with human coaches. This cutting-edge technology enables professionals to improve their skills across various domains, including management, strategy, sales, personal development, growth, customer success, marketing, data, design, finance, and more.
The Evolution of Practica
Practica was originally co-founded in January 2020 by Dave Whittemore, the former head of Product at Thinkful (which exited to Chegg), and Andy Scheff, a former engineering manager at Dropbox. Initially, the company focused on addressing the problem of continuous upskilling throughout one’s career through a traditional executive coaching marketplace.
"We both became executive coaches," says Whittemore. "We saw how effective it was in helping people grow professionally, but we realized that it could be more accessible to a wider audience."
As a result, Practica shifted its focus towards developing an AI-based coaching system that would make high-quality mentorship and guidance available to everyone.
How Practica’s AI Coaching System Works
Practica’s AI coaching system is designed to provide personalized guidance and support to professionals in various domains. The system uses machine learning algorithms to analyze individual users’ needs, goals, and learning styles to offer tailored recommendations for improvement.
One of the key features that sets Practica apart from other AI-based coaching systems is its ability to remember user interactions over time. This enables the AI to build on previously learned skills and adapt its guidance accordingly.
"We try to be very intentional about remembering what we need to know about you from one session to the next," explains Whittemore. "This allows us to continue coaching really well, just like a human coach would."
Pricing and Availability
Practica’s AI coaching system is currently available for individual learners at an affordable price point of $10-$20 per month per user. The company also offers a ‘teams’ version specifically designed for employers.
"We’re optimistic that it’s going to expand executive coaching," says Whittemore. "Our hope is that we get more people touching this at the AI coaching level, and learning about how effective executive coaching is. This will enable them to upgrade to our premium product – human coaching services."
Funding and Future Plans
Practica has received $1.5 million in outside funding from Script Capital and over 40 individual angel investors, many of whom are leaders in the domains where the company focuses its coaching.
With this investment, Practica aims to further develop its AI coaching system and make it more accessible to a wider audience. The company is also exploring partnerships with educational institutions and organizations to integrate its technology into existing curricula and programs.
As the demand for AI-based coaching continues to grow, Practica is poised to revolutionize the way professionals learn and develop their skills. By providing affordable, high-quality mentorship and guidance, Practica has the potential to democratize access to executive coaching and transform the way we approach professional development.
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