This press release was issued by Zeno Group.
Tribe and Digital Industry Singapore (DISG) today announced a collaboration with NVIDIA to establish the Ignition AI Accelerator, a new global AI startup accelerator based in Singapore. The accelerator is strategic and a first in Southeast Asia, supported by the Singapore government, with a focus on enhancing AI value discovery, creating a vibrant ecosystem for AI startups and pushing the boundaries of what AI is capable of.
Launched today at the Asia Tech x Enterprise 2024 event, with an initial combined investment of USD$3 million, the Ignition AI Accelerator features a public sector collaboration with Tribe, a leading startup ecosystem builder, and NVIDIA to foster a best-in-class support platform for AI startups to thrive. The AI market in Singapore is poised for significant growth, with projections indicating it will surpass US$1 billion by year-end 20241. This momentum is expected to continue, with a CAGR of 28.1% translating to a market volume of US$4.6 billion by 20301. The accelerator will capitalize on immense global opportunities within the AI landscape.
The Ignition AI Accelerator will launch with an initial cohort of 15 high-potential startups, equipping them with well-rounded support covering business and technical needs, with a special focus on providing best-in-class deep AI development guidance to accelerate the production of market-ready AI products and assist in accelerating access to market. A curated four-month programme has been designed to prepare participating startups with the foundational capabilities to ensure their AI projects are launch-ready. Benefits of the new programme include:
- Access to training and NVIDIA’s global technical expertise – Co-developed by NVIDIA and Tribe, a series of training workshops will be offered to the startups to help them enhance their core AI-building capability which will cover the full AI stack, from GPU to application layer development framework. Additionally, an expert advisory will help startups maximize the power of accelerated computing, fortifying their AI solutions with a competitive edge.
- Accelerate development and go-to-market for the next AI breakthrough – Startups will receive cloud credits to unblock development across multiple cloud platforms, allowing them to adopt a flexible model across different cloud environments and on-premise infrastructure. In addition, in-depth coaching from lead consultants, subject matter experts, and experienced founders on project valuation endeavours will counsel startup on economic viability during scaling and long-term sustainability.
- Unlocking capital investment and connectivity – The program will provide coveted opportunities to bridge the gap between startups and potential investors, including corporations, VCs, and private investors, exposing the startups to real-world pitching and helping them gather early-stage funding support for their launch-ready solutions.
As part of this program, NVIDIA and Tribe will collaborate with Enterprise Singapore (EnterpriseSG) to offer qualified AI startups funding support through the Startup SG Tech scheme. This collaboration will tap on Tribe and NVIDIA’s expertise to expediently assess selected high-quality AI startups who will be able to leverage Startup SG Tech funding for technology development and business growth2. Additionally, NVIDIA and Tribe will assist them through the IMDA accreditation process, with the aim to help them establish credentials and position themselves as qualified contenders for government projects and large enterprise contracts, ultimately accelerating their global market access.
