The AI revolution is on its way. ChatGPT has modified the way most things worked. It is a fact that AI chatbots like ChatGPT and Bard can work if they are provided with huge amounts of data and computing power to function. For this reason, several small companies are finding it hard to compete with tech giants like Microsoft and Google. To resolve this issue, Amazon Web Services (AWS) has introduced a new accelerator program. This program focuses on generative AI startups. The length of the program is ten weeks. During this time period, the participants will be provided with access to AI tools, machine learning stack optimization, AI models, and go-toward-market assistance.
Each startup will receive around $300,000 in AWS credits. This amount will help the participants establish their companies. Besides this, at the end of the defined time frame, startups will be given the chance to present their business ideas to prospective investors at a Demo Day in San Francisco. Interested applicants can apply for the AI startup program till April 17th. Furthermore, Amazon advises applicants to have a testing product prepared for the demo. According to Amazon, “We want to empower businesses using generative AI to create solutions in legal, marketing, software engineering, green energy, and life sciences, including drug development.”
Promoting innovation in Generative AI
In contrast to various tech giants, Amazon is behind in the race to invest in AI. However, with this new program, it appears like the company is all set to act as a promoter of innovations in generative AI. In this perspective, AWS’ global head of AI/ML Startups, Rob Ferguson, stated that generative AI is a transformative technology. It has the capacity to unveil new developments and creativity. In order to remove the technology from the realm of academic research and make it accessible to programmers of all levels of expertise and clients of any size, AWS is investing in the first three layers of the generative AI stack.
Well, Amazon is not the first and the last company that is seeking to invest in AI. Recently, Salesforce introduced an investment fund worth $250 million for generative AI startups. It is evident that AI is changing the tech industry. The accelerator program from Amazon is a step towards the promotion of innovation in Generative AI.