Amazon Entered In Generative AI Space By Launching An AI Accelerator To Help Startups

Amazon has now launched an AI accelerator to support startups working in the field, entering the expanding generative artificial intelligence (AI) market.

A global initiative for 10 Generative AI startups that can show early momentum is called the Amazon Web Services (AWS) "Generative AI Accelerator."

Selected startups will get AWS credits of up to $300,000 to help with the creation of their AI services and solutions. According to the company, applications are now available for the next two weeks, and 10 startups will be selected.

According to Amazon, "Ideally, you'll have a minimum viable product (MVP) already developed and your eyes set on seed-stage funding, with plans to raise in the next 18 months,"

"We welcome machine learning startups with technical leads who are leveraging cloud technologies, or who plan to. If you have game-changing ambitions in the Generative AI space, we want to support you," the company informed.

To demonstrate the development of its AI accelerator, the company has planned a kick-off event in person for the San Francisco Bay Area in the US on May 24 and 25, as well as a Demo day on July 26 and 27.

"Upon completion of the 10-week programme, you'll pitch to the Generative AI community -- including investors, press and customers -- to raise awareness for your company," according to Amazon

The market for generative artificial intelligence (AI) is now dominated by Microsoft-owned OpenAI via ChatGPT and Bing Search powered by AI, despite Google's best efforts to disrupt the industry with its AI service, Bard.