Do You Have a Startup Idea That Uses Generative AI? This Might Be Your Chance!

If you’ve been dreaming about launching a startup that leverages the power of generative AI, AWS has just dropped some exciting news that could be your golden opportunity.

AWS’s $230 Million Boost for Generative AI Startups

Amazon Web Services (AWS) is committing up to $230 million to support startups working on generative AI applications. This isn’t just a small investment—it’s a substantial boost aimed at helping early-stage companies innovate faster.

A significant portion of this investment, around $80 million, will fund AWS’s second Generative AI Accelerator program. This program will offer up to $1 million in AWS credits to each of the 80 selected startups. These credits can be used for AWS compute, storage, specialized AI tools like AWS Trainium, and Amazon SageMaker for building and training models.

What’s in It for You?

If you’re one of the lucky startups selected, you’ll join a 10-week accelerator program designed to supercharge your business. You’ll participate in sessions on machine learning performance, optimization, and go-to-market strategies. Plus, AWS is teaming up with Nvidia, offering access to cutting-edge technology and expert mentorship. You’ll also be invited to join the Nvidia Inception program, which can connect you with potential investors and additional resources.

The first group of startups in this program saw some impressive results. For instance, Leonardo.AI managed to reduce inferencing costs by 60% and speed up their processes by 35% thanks to AWS’s support. Another startup, Vevo Therapeutics, used AWS infrastructure to make significant advances in AI-driven drug discovery.

What’s in It for AWS?

Well, Amazon, like any of the big players, is making sure it stays ahead in the competitive AI space. They’ve had some setbacks, like delays with their Bedrock model hosting service and challenges in the Alexa division. But with this substantial investment, AWS is making a strong push to support generative AI startups and ensure they have the resources to succeed.

How to Get Involved

Sound interesting? Applications for the second cohort are open until July 19. The program kicks off on October 1 and wraps up with a showcase at AWS re2024 in Las Vegas. There, you’ll get to present your innovative solutions to potential investors, customers, and industry leaders.