Ignition AI Accelerator is a new global AI startup accelerator situated in Singapore, which Tribe and Digital Industry Singapore (DISG) launched on Wednesday as a result of their partnership with NVIDIA.
As to Tribe’s statement, the accelerator is backed by the Singaporean government and is a first for Southeast Asia. Its objectives are to improve AI value discovery, establish a thriving ecosystem for AI entrepreneurs, and expand the limits of AI’s capabilities.
The Ignition AI Accelerator, which has a $3 million initial joint investment, is a public-private partnership with NVIDIA and Tribe, a top startup ecosystem builder, to create the finest possible support system for AI entrepreneurs.
It is mentioned that Singapore’s AI market is expected to grow significantly—projections show it will reach $1 billion by the end of 2024.
It is anticipated that this pace will continue, with a compound annual growth rate (CAGR) of 28.1 percent leading into a $4.6 billion market volume by 2030.
The accelerator aims to leverage the vast worldwide opportunities present in the AI industry.
With a special focus on offering best-in-class deep AI development guidance to speed up the production of market-ready AI products and help with accelerating access to market, the Ignition AI Accelerator will begin with an initial cohort of 15 high-potential startups. These startups will receive comprehensive support covering both business and technical needs.
In order to give participating entrepreneurs the fundamental skills they need to guarantee their AI projects are launch-ready, a carefully crafted four-month program has been developed.
Access to training and NVIDIA’s extensive global technical experience are two advantages of the new program.
The companies will have access to a series of training workshops, co-developed by NVIDIA and Tribe, to help them improve their fundamental AI-building skills. These workshops will cover the entire AI stack, from the graphics processing unit (GPU) to the application layer development framework.
Furthermore, an experienced counsel will give startups a competitive edge by maximizing the potential of accelerated computing to strengthen their AI products.
The next great advancement in AI will likewise see its development and launch faster thanks to this program.
It will be possible for startups to adopt a flexible strategy spanning various cloud environments and on-premise infrastructure by using the cloud credits that they will earn to unlock development across numerous cloud platforms.
Furthermore, the startup will receive comprehensive guidance on long-term sustainability and economic viability throughout scaling from lead consultants, subject matter experts, and seasoned founders about project valuation attempts.
Program activation will also enable connectivity and capital investment.
The program will offer highly sought-after chances to connect startups with corporations, venture capital firms, and private investors. It will also expose the startups to real-world pitching and assist them in obtaining early-stage funding support for their solutions that are ready for launch.
As part of this program, NVIDIA and Tribe will work with Enterprise Singapore (EnterpriseSG) to provide funding support for AI firms that meet the eligibility requirements under the Startup SG Tech program.
This collaboration will tap on Tribe and NVIDIA’s expertise to expediently assess selected high-quality AI startups that will be able to leverage Startup SG Tech funding for technology development and business growth.
To help them create credentials and position themselves as qualified candidates for government projects and major enterprise contracts, NVIDIA and Tribe will also support them through the IMDA certification process. This will ultimately speed up their entry to the global market.
“The most innovative AI startups will be the focus of our accelerator program, which we are launching today, in order to develop and commercialize the next wave of advancement in AI solutions/applications,” stated Ng Yiming, CEO of Tribe.
In his view, organizations in all sectors have a strategic imperative, which is shown in the present upsurge in AI use.
He noted that businesses are using AI to cut costs associated with capital projects, achieve operational excellence, and open up new development opportunities.
Yet, he pointed out that taking a proactive stance in encouraging grassroots innovation becomes essential in order to fully realize these advantages and maintain resilience in a turbulent economic environment.
Additionally, he thinks that this collaboration can direct funds toward new ventures, quickening the pace at which artificial intelligence solutions are developed and promoting a more significant level of industry integration.
The opening of the Ignition AI Accelerator, according to Chan Ih-Ming, Executive Director and Head of Digital Industry Singapore, indicates DISG’s dedication to making Singapore a premier worldwide hub for AI.
With its unique blend of cutting-edge technology, up-and-coming creatives, and top-notch infrastructure, Singapore is well-represented in the accelerator.
To advance our regional AI ecosystem, he continued, “We look forward to strengthening our partnership with leading partners.”
Assistant Managing Director of Enterprise Singapore, Soh Leng Wan, stated that programs like the Ignition AI Accelerator are essential in giving bright AI startups the tools, guidance, and technical know-how to support their innovation journey and expand their into new markets.
“This is a component of our continuous endeavors to furnish pertinent resources to address the requirements for AI development and expand the worldwide AI startup community via Singapore,
“In order to spur more investments and growth opportunities for our AI startups to succeed in this rapidly changing sector, Enterprise Singapore aims to continue establishing such win-win collaborations with the tech industry,” he continued.
“This collaboration will leverage their combined expertise in identifying high-potential AI startups and helping them push the envelope on what AI is capable of,” said Susan Marshall, Global Head of Startups and Senior Director of Developer Relations at NVIDIA. “It builds on the success of the NVIDIA Inception program, which gives startups access to cutting-edge technology, venture capital connections, and technical resources,” Marshall said.Singapore, Tribe, DISG, and NVIDIA are introducing new AI accelerators