StartAD, the innovation and entrepreneurship platform anchored at New York University Abu Dhabi, has opened applications for its inaugural Artificial Intelligence (AI) Venture Launchpad.

Open to seed stage AI and internet of things (IoT) startups from the UAE and around the globe, the AI Venture Launchpad is a 10-day sprint accelerator that helps participants develop a scalable, repeatable, and capital efficient venture, said a statement from the organisation.

Teams disrupting industries in financial technology (FinTech), insurance technology (InsurTech), regulatory technology (RegTech), airport operations, predictive maintenance, fuel efficiency, and enterprise solutions through AI with natural language processing (NLP), machine learning, predictive analytics, search, and data analytics are encouraged to apply, it said.

This accelerator is an opportunity for global startups to enter the UAE market and attract potential investments from key players in the region. Teams can apply through startAD’s website (vl.startad.ae); applications close on August 30, it added.

Launching on September 30, the programme is held in partnership with Etihad Aviation Group, a diversified global aviation and travel group comprising of five business divisions – Etihad Airways, Etihad Airways Engineering, Etihad Airport Services, Hala Group and Airline Equity Partners; UAE Exchange, the leading global Money Transfer, Foreign Exchange and payment solutions brand; and Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, said a statement.

The launchpad will comprise a series of training and mentorship sessions, investor roundtables, pitches, interviews, local customer discovery, and validation activities. Startups will also be trained to develop robust go-to-market strategies. Selected teams are required to attend the full duration of the accelerator.

NYU Abu Dhabi research professor of engineering, vice provost for innovation and entrepreneurship, and startAD managing director Ramesh Jagannathan said: “The UAE, home to significant global industries such as aviation, energy, shipping, transportation, and finance, has a distinct opportunity to be at the forefront of AI growth.”

“Disruptive Innovation creates products and services for which the market does not yet exist. AI and machine learning, in addition to disrupting the market, are disrupting the way our society would live with the onset of the second machine age. The appointment of a UAE Minister of AI is a testament to the government’s commitment to lead this field,” he said.

“In line with the country’s vision, the platform has created valuable partnerships with major corporate stakeholders in the region and are excited to provide market validation for global AI startups that get accepted into our Venture Launchpad sprint accelerator,” he added.

Peter Baumgartner, chief executive officer, Etihad Airways, said: “The aviation industry has relied on various forms of AI for decades, but with recent advancements in computing power, its potential to add value across the sector is unprecedented.”

“Combined with big data and machine learning, AI could be used to increase flight path efficiency by reading wind forecasts, optimise aircraft maintenance, and enhance airport operations, to name just a few examples,” he said.

“This is our second time taking part in startAD’s programme, and we look forward to working with startups to explore innovative applications of AI in the aviation and travel space,” he added.

Wai Lum Kwok, executive director for capital markets of the financial services regulatory authority of ADGM, said: “As an international financial centre and FinTech eco-system builder, we are pleased to partner with NYU Abu Dhabi and fellow Abu Dhabi champions in incubating entrepreneurial ideas and supporting early-stage startups in Abu Dhabi and the wider UAE.”

“The launchpad initiative dovetails well with ADGM’s innovation platforms and ongoing efforts to support the needs of the business community through digital innovation, and to promote growth, inclusion and efficiency in the financial services industry,” he added. – TradeArabia News Service