The San Francisco-based company OpenAI has announced a new program that will provide early-stage AI startups with capital and access to OpenAI tech and resources. The program, called Converge, will be financed by the OpenAI Startup Fund.
The 10 or so founders chosen for Converge will receive $1 million each and admission to five weeks of office hours, workshops and events with OpenAI staff, as well as early access to OpenAI models and “programming tailored to AI companies.” The deadline to apply is November 25.
However, OpenAI notes that it’ll continue to evaluate applications after that date for future cohorts.
At the time that OpenAI first detailed the OpenAI Startup Fund, it said that recipients of cash from the fund would receive access to Azure resources from Microsoft. It’s unclear whether the same benefit will be afforded to Converge participants. Furthermore, we’ve asked OpenAI to disclose the full terms for Converge, including the equity agreement, and we’ll update this piece once we hear back. Surprisingly, there aren’t many incubator programs focused exclusively on AI startups.
OpenAI’s new Converge program is a much-needed boost for early-stage AI startups. The program provides access to capital and resources that will be essential for these startups to grow and succeed. While the terms of the program are still unclear, it is a positive step forward for the AI community.
There are very few incubator programs focused exclusively on AI startups, which makes Converge all the more important. The program will give these startups a chance to thrive and make a real impact in the world.
Well, let’s just hope that these startups use their power for good and don’t create any Skynet-type situations.
Truth be told, the AI market is still in its infancy, and there are a lot of unknowns. But with programs like Converge, we are one step closer to understanding the true potential of AI.
Anyway, time will tell whether this program is successful. But it’s definitely a step in the right direction.
News Source: https://techcrunch.com/2022/11/02/openai-will-give-roughly-ten-ai-startups-1m-each-and-early-access-to-its-systems/