Amazon Web Services Pledges $100m To Bolster Generative AI Startups

Join Our Telegram channel to stay up to date on breaking news coverage

In an effort to take the front line in the AI race, Amazon is introducing a new program to support customers and partners interested in generative AI. The e-commerce giant is investing $100 million in a program meant to help customers develop and deploy generative AI solutions for their use cases.

Aiming to Lead with $100 Million Investment

With the multimillion investment, the Amazon Web Services (AWS) Generative AI Innovation Center is expected to link AWS-affiliated data scientists, strategists, engineers, and solutions architects with clients and partners. By so doing, Amazon hopes to “accelerate enterprise innovation and success with generative AI.”

#AWS introduces the #GenerativeAI Innovation Center. 📣

This program offers workshops, engagements & trainings aimed to help organizations build & deploy generative AI solutions with the support of AWS AI & ML experts.

Learn more. 👉 https://t.co/Ja4716QQEZ pic.twitter.com/kAOC6meqFZ

— Amazon Web Services (@awscloud) June 22, 2023

In a press release posted on the company’s website on June 22, Amazon stated:

“Through no-cost workshops, engagements and training, AWS will help customers imagine and scope the use cases that will create the greatest value for their businesses, based on best practices and industry expertise.”

Additionally, customers will be able to collaborate closely with generative AI specialists from AWS to choose the best models, establish strategies for overcoming technical or business obstacles, create proofs of concepts, and plan the large-scale deployment of solutions.

According to the head of the Generative AI Innovation Center, Sri Elaprolu, the program was born out of AWS customers consulting the company about how to best integrate artificial intelligence into their businesses.

As such, the program will prioritize offering assistance to all clients who have asked previously asked for help. After that, the services will be made available to businesses in the financial services, healthcare, life sciences, media, entertainment, manufacturing, energy, utilities, telecommunications, and automobile industries.

Like every other tech giant, Amazon has been working towards leading the AI industry which has been growing exponentially over the past few years. However, according to a report by McKinsey, the era of generative AI is just beginning and realizing its full potential will take years.

Based on an analysis of just 63 use cases, Digital realized that generative AI could potentially increase the global GDP by about $4.4 trillion annually. According to the report, Generative AI could create additional value of between 15-70% aboev what could be achieved by other AI or analytics.

McKinsey and Company Impact of Generatiev Ai — Source: McKinsey and Company

The technology is predicted to largely impact the finance, high-tech and life sciences industries.

Amazon’s Bid to Maintain Dominance in AI Industry

Amazon believes that it is better placed to lead this revolution. The company claims to have been involved in AI for over 25 years with over 100,000 customers who have used AWS AI and ML services to address some of their biggest opportunities and challenges.

Additionally, the tech giant has been making moves to establish dominance in the industry. For instance, a few months ago, Amazon launched a 10-week program to support generative AI startups around the globe.

The program gave AWS access to AI models and tools as well as machine learning stack optimization and custom go-to-market advice. At the end of the program, the participating companies received up to $300,000 in AWS credits to help build their companies.

Amazon then launched Bedrock, a platform for building generative AI-powered apps via pre-trained third- and first-party models built by Amazon partners such as Stability AI, AI21 Labs, and Anthropic.

Unfortunately, so far the project has not been such a success as users have not even been able to use the tool. To access Bedrock, Amazon requires that users receive approval, and no user has reported having been successful in the quest.

Amazon is known to be competitive with deep expertise and a focus on meeting its customer’s needs. This gives the company an advantage over other companies. However, the company has not dedicated as much time and resources to in-depth research into AI as its competitors have.

As a result, companies such as Microsoft and Google pose a significant threat to Amazon’s dominance in the AI race.

Newest Meme Coin ICO - Wall Street Pepe

Rating