A study by a tech advisory firm estimates that AI will generate $280 billion in economic benefits by 2030. Google is tapping the demand for a new AI first, equity-free accelerator program for Australian entrepreneurs.
Gonzalo Sisacknovillo, founder of a startup in Argentina, was running a company that specialized in pets when he applied for the Latin American Google for Startups Accelerator. He wanted to expand the company internationally, but he wasn’t sure of how to scale up quickly.
Sisack Novillo, a Latin American entrepreneur, has been in business for four years and now has 30 employees (60 percent more than when he started) and an app which provides virtual veterinary care 24 hours a day to pets throughout Latin America.
The Google accelerator Sisack Novillo underwent is available in 18 cities across the globe. Entrepreneurs in Australia haven’t had access to this program until now.
This week, Google Australia announced a 10-week “equity-free acceleration program for Australian startups at seed and series A stages building AI and Machine Learning-driven platforms and product.”
Google Australia’s Digital Future Initiative will help bring the Google For Startups AI First Accelerator to Australia for the very first time, says Scott Riddle. Scott Riddle is Google’s head for partnerships in Australia and New Zealand.
The accelerator provides founders with access to Google’s AI, ML, and global network to support their success.
The Google AI-first Accelerator launched in January in the US and Canada . The first Australian cohort is open through the end of July. The Aussie accelerator was launched as part of Google’s $1bn investment in Australian research, infrastructure and technology. This is called the Digital Futures initiative.
The AI Opportunity in Australia
The program is launched at a moment when AI awareness is at its highest level.
In May, Access Partnership, a tech advisory firm, released a report that estimated that AI would provide Australian businesses with economic benefits of $280 billion by 2030. The report highlights cybersecurity and climate change industries as areas where AI will have a significant impact.
The report states that “$6.7 billion in cybercrime losses can be prevented for Australia by 2030 if businesses adopt AI-powered cybersecurity abilities.” “An improved response to climate-change-induced disasters in Australia by 2030 using AI-powered technology… [may result] in 3.9 billion in property damage being prevented.”
The Access Partnership report states that while there is pushback from Australia regarding the use of personal data to create AI, there are applications in which it will create a positive transformation.
“The tech sector is crucial to developing the local AI eco-system and Google has been a key Australian partner for over 20 years.” Google’s work is based on collaborations, as demonstrated by the Digital Future Initiative, where it partners up with Australian researchers and organizations.”
Who can apply for a grant?
Google Australia has outlined the following requirements to join its AI-first accelerator.
- Startups that have demonstrated traction between the Seed and Series A stage.
- Deeply technical with machine learning and AI, and a dedicated AI leader within the team.
- Building a scalable service or product with a significant TAM (total addressable market) and a defensible business model.
- The CEO, CTO or other executive roles in the business must commit to participating in all required program sessions during the 10-week period.
What do entrepreneurs get when they start a business?
Google says that the accelerator will ‘connect founders with the most talented people, products, and practices to help grow them.’
The program is composed of the following:
- 8-15 startup founders are paired with experts from Google and the industry to provide mentoring and technical support.
- Workshops on product design, customer acquisition, and leadership.
- 10-week program.
- Applications are open from 17 June until 31 July.
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