Rapid prototyping: Synthetic data allows quick expansion of datasets based on human intuition about desired model behaviors.
Cost reduction: writer claims to have developed a model comparable to OpenAI's at a fraction of the cost ($700,000 vs. estimated $4.6 million) using synthetic data.
Limitations and Risks of Synthetic Data
While synthetic data offers many potential benefits, it also comes with significant challenges and risks that must be carefully considered.