Aug 15, 2024

London-based fintech Paddle opens applications for expanded AI Launchpad to scale AI founders Published: 15-08-2024 11:20:00 | By: Pie Kamau | hits: 11 | Tags: Paddle, the payments infrastructure provider, has opened applications for its third AI Launchpad, offering 75 ambitious AI founders the chance to participate in a 6-week program to help them build, launch and scale their AI-powered business ideas. The potential for AI startups is huge, with generative AI startups globally raising more than $25 billion in funding in 2023, a figure that is predicted to rise to around $45 billion this year. However, developing an AI product is just the beginning and founders need to have a strong commercial and operational understanding, not just great technical skills, if they are to build a sustainable, scalable AI business. Paddle's AI Launchpad is designed to empower and support AI innovators and help founders to reach the pinnacle of their market niche. The program is aimed at AI-focused businesses whose core product offerings are built on natural language processing, machine learning, or other AI driven features and participants should have a minimal viable product ready by the start of the program. Applicants must also demonstrate clear signs of market traction and potential for scalable growth, with a growing customer or user base. Successful applicants will have the opportunity to meet and collaborate, fostering a supportive ecosystem of like-minded individuals through weekly workshops, office hours and a private 'Launchpaddler' community on Slack. Other benefits of the program will include: Expert mentorship: Participants will have access to mentorship and live masterclasses from top software industry leaders, providing invaluable guidance and insights. Cash Prize: The program will culminate with a cash prize of $20,000 for the best offering, as judged by a panel of experts, to help accelerate the development and market reach of the winning startup. Additional benefits from partners: Participants can receive up to $350,000 in Google Cloud credits and access to dedicated AI training and resources. Christian Owens , Founder and Executive Chairman, Paddle: "Paddle's AI Launchpad began as a way to help a new generation of software founders build in one of the world's fastest-moving categories, but it quickly became more than that. The vibrant, dynamic and supportive community that has emerged from our two previous programs is inspiring to see. The power of collaboration and shared knowledge within this community has driven real, tangible progress for our cohort and the caliber of what these founders are building is exceptional. The Launchpaddler community is now actively shaping how the program evolves and we're excited to launch our next iteration, which promises to be the best yet." Since launching in 2023, more than 175 founder teams have participated in the AI Launchpad program. Previous winners include Virtual Staging AI, a platform that allows real estate professionals to sell properties faster by using AI and Vanna AI, a platform that uses retrieval augmentation to help businesses generate accurate SQL queries for their database. Zain Hoda , Founder, Vanna AI: "The Paddle AI Launchpad was instrumental in shaping Vanna's growth strategy. The Masterclasses provided invaluable insights into critical areas like pricing strategy, marketing approaches, and defining our value metrics. Meanwhile, the community created a collaborative environment where we could exchange ideas and receive direct feedback on everything from pitch decks to pricing pages and marketing copy. This comprehensive support has been crucial in refining our business model and go-to-market strategy." Would you like to be featured on Startup Weekly for a free profile interview? Fill in this questionnaire  here . You can also send your columns / opinions / thought leadership pieces / industry insights, survey and reports to  info@startup-weekly.com . Publications by country. Africa