Do you want to change the world with artificial intelligence (AI)? Do not worry about your thoughts as the tech giant Microsoft has launched “Innovate.AI”, it is a Global Startup Competition which is actually presented by the tech giant Microsoft Ventures, Madrona Venture Group, Notion Capital, and Vertex Ventures Israel.
Microsoft Is Giving $5.5 Million To AI-Powered Startups
If you want to change the world with artificial intelligence (AI), then it will be now quite handy to you, as the tech giant Microsoft has launched “Innovate.AI”, a Global Startup Competition.
Yes, it is official: as we told that the tech giant Microsoft has announced the launch, via its investment fund Microsoft Ventures, a call for applications to support the talents of the artificial intelligence of tomorrow.
Basically, the goal of this Global Startup Competition is to create an ecosystem of promising startups that tackle global issues to provide an AI-based solution. This project in partnership with VC partners, Madrona Ventures, Notion Capital and Innovation Endeavors will cover North America, Europe, and Israel.
As we told earlier that this new Global Startup Competition is known as Innovate.AI, the project has a budget of $ 3.5 million. The competition is open to candidates based in Europe, North America, and Israel. In each of these regions, ten finalists will be selected and will have to defend their project before a jury.
“At Microsoft, the future is rooted in the development of artificial intelligence technologies,” said Nagraj Kashyap, vice president of the tech giant Microsoft group and international head of Microsoft Ventures. We are excited to launch this contest in partnership with renowned VCs who recognize the importance of accompanying these technologies to support AI.”
Each regional winner will receive $1 million in investment from the tech giant Microsoft Ventures plus the equivalent of $500,000 in credit to be used on the Azure cloud platform over three years and 100 Office 365 licenses for one year.
There will also be a fourth prize ($ 500,000 + $ 500,000 on Azure and 100 Office 365 licenses for one year), which will be given to the young sprout who will offer the best use of the AI to improve the company. In total, a combined $5.5 million as investment funds and Azure credits will be distributed across four winners. Moreover, Entries are open until the end of the year.
So, what do you think about this? Simply share your views and thoughts in the comment section below.