Amazon Web Services (AWS) and venture capital company Accel are jointly unveiling ML Elevate 2023, a six-week accelerator initiative designed to support entrepreneurs developing generative AI products.  

The capacity of generative AI systems to interpret and produce authentic conversations, narratives, visuals, movies, and music across several fields has engrossed developers and enthusiasts alike. Generative AI relies on ML models, specifically large-scale models that undergo pre-training on extensive datasets and are usually known as foundation models (FMs). 

Machine learning models developed on the AWS platform offer significant benefits by mitigating obstacles within supply chains, tailoring digital experiences to individual users, and enhancing the accessibility and affordability of goods and services. 

In a recent study titled "Generative AI Startup Landscape in India: A 2023 Perspective" conducted by the NASSCOM, it was found that generative AI businesses in India have garnered a total of more than US$475 million in private investments during January 2021 and May 2023. 

The primary objective of ML Elevate is to offer assistance to businesses specialising in generative AI. This assistance is provided through significant AI models and tools, mentorship in both business and technical aspects, carefully selected resources, participation in the AWS Activate programme, and the allocation of up to US$200,000 in AWS Credits. 

Additional advantages encompass the provision of peer assistance from a collective of prominent founders in AI and ML startups and the prospect of expanding the deployment of fully functional generative AI applications on the Amazon SageMaker JumpStart platform.  

Startups specialising in generative AI who have successfully created a Minimum Viable Product (MVP) and have plans to get funding within the next 12-18 months are eligible to submit their applications. The chosen entrepreneurs will participate in interactive online educational sessions, including informal conversations and group discussions with investors, prominent figures in the industry, and professionals with expertise in AWS. 

The cohort will also be able to raise money during a week-long event called Demo Week. During this time, they will show their projects to well-known venture capital funds, angel investors, and influential people in the industry.