Nick Mihailou, a 17-year-old entrepreneur, has made waves in the business world by raising $700,000 in venture capital funding at the age of 16. While juggling sports and exams at Cranbrook School, Mihailou has been developing an artificial intelligence program called HSC-GPT.
This program aims to assist students in preparing for their Higher School Certificate exams by offering features such as automated marking, practice question generation, and detailed responses to any subject-related inquiries. Mihailou’s ultimate goal is to level the playing field for less advantaged students and democratise access to high-quality educational resources.
“When it comes to the HSC, those who can afford expensive tutors and resources tend to excel. But for everyone else, it’s a matter of doing their best,” Mihailou explained to The Australian Financial Review.
“My hypothesis behind HSC-GPT is to create something that democratises information and provides equal access to excellent marking, practice question generators, and other AI-powered tools.”
HSC-GPT, currently in beta testing and focused on humanities subjects, is just one of Mihailou’s entrepreneurial ventures. He started developing apps and games at the age of 12, becoming one of Australia’s youngest developers to have an app on Apple’s App Store at the age of 13. At 16, he raised $700,000 in venture capital for the Canadian-based start-up frenter, where he served as the company’s chief technology officer.
Throughout his journey, Mihailou has connected with teenage entrepreneurs worldwide and sought advice from prominent business figures, including Mark Bouris, founder of Yellow Brick Road, Scott Farquhar of Atlassian, and US billionaire Mark Cuban, whom he cold-messaged.
Mihailou sees great value in reaching out to individuals via cold emailing, stressing “the potential rewards that can arise from such interactions”.
“Schools should play a more significant role in fostering entrepreneurial skills among students from an early age,” said Mihailou who feels “fortunate to have attended schools that supported his business endeavours.”
However, he advocates for “an educational system that instills entrepreneurial skills, as these skills empower students to solve problems across various aspects of life.”
Young Change Agents, a not-for-profit organisation focused on education, shares this perspective and is leading an effort to introduce entrepreneurial education in every Australian school.
Their report, published recently, highlights the importance of entrepreneurial education in equipping students with the mindset and skills needed to address societal challenges like climate change and the future of work.
Renae Jones, Young Change Agents’ regional manager for Queensland, believes that entrepreneurial education changes young people’s mindset from helplessness to hopefulness. She further pointed to the lifelong learning aspect of entrepreneurial education, enabling students to solve problems within their communities and prepare for the future workforce.
“Enterprise skills, such as creativity, critical thinking, and the ability to view problems as opportunities, will be in high demand, with 63 per cent of all jobs projected to require these skills by 2030,” Dr Jones said.