AI is transforming the way companies do business, and it can add a competitive advantage by delivering tangible results in addressing business challenges

Artificial intelligence is one of the emerging growth sectors in tech. Recent research by McKinsey indicates that business engagement in AI will result in a substantial increase in profitability across all sectors by 2035. The sectors that will significantly gain will be Education, Accommodation & Food Service, and Construction — which are expected to rise more than 70 per cent in profitability through AI applications. The use of AI in wholesales and retails, agriculture, forestry, fishing and healthcare sectors are expected to raise profitability by more than 50 per cent.

The impact of AI on the economy

This presents a big opportunity for AI startups, as well as traditional businesses that wish to leverage the productivity advantages of AI applications.

“AI’s industry is now growing and creating profound effects on both business and society,” shared Nattapat Thanesvorakul, Head of Ventures at RISE, the largest corporate innovation accelerator in Southeast Asia. “The rise of artificial intelligence creates substantial improvement across industries, transforming the way companies do their business and changing the competitive landscape in the global economy,”

He adds that businesses need to “adopt new technology in order to cope with rapid technological changes and creates new business opportunities that strengthen competitiveness and maximise revenue.”

Corporates and startups rise up to meet the challenge

As part of a commitment to corporate innovation on the part of RISE, it has established RISE.AI as the first Corporate AI Accelerator programme in Southeast Asia, which is geared toward delivering tangible business results that are attuned to the needs of corporates across the region.

Also read: RISE aims to empower 2,000 corporate innovators through inaugural Corporate Innovation Summit 2019

Using RISE’s global network and expertise, RISE.AI is creating an outcome-driven innovation platform that bridges the gap between innovative ideas and practical applications in developing AI technology.

The RISE.AI programme will gather together best-in-class AI startups from across the region, particularly those who already have initial market traction in their respective AI-driven fields. All AI startups selected to participate the program will have an opportunity to join the camp to co-develop nine-week pilot projects with leading corporate partners and receive personalised mentorship from AI experts from New York University Tandon Future Labs, to ensure deliverables within the timeframe of the programme.

Taking place in Bangkok, Thailand from April to September this year, the programme will involve the following corporates:

• PTT Exploration and Production Public Company Limited (PTTEP), Thailand’s petroleum exploration and production company, which has operated in more than 10 countries worldwide;
• AI & Robotics Ventures Co., Ltd. (ARV), a technology spin-off company from PTTEP focusing on AI & Robotics technologies;
• Bank of AYUDHYA Public Co., Ltd. (Krungsri Finnovate), a corporate venture capital arm under Krungsri, the fifth largest bank in Thailand and a strategic member of Mitsibushi UFJ Financial Group (MUFG);
• Digital Economy Promotion Agency (DEPA), Thailand’s government agency that promotes and supports the development of digital industry and innovation and the digital technology adoption in order to achieve economic, social, cultural, and security benefits in the national level.

Why startup and corporate partnerships matter

Nattapat is confident that AI will be a major driver in boosting overall GDP growth across Thailand and the rest of Southeast Asia. An establishment of a data-driven culture in a business organisation will enable regional corporates to optimise key business decisions and enhance core products and services leading to sustainable economic growth.

As with any technology, there is a first-mover advantage when it comes to AI development and deployment. While there is need to build upon AI capabilities to enhance corporates’ chances at success, talent, capability, and resources may not be readily available within their own organisations, thus the need to tap into the expertise of startups that have already made headway into AI development.

“Most corporates in the Southeast Asia region are facing insufficient resources in developing AI technology within the organisation, and also have no access to global AI developers. This is why RISE.AI is designed to link corporates and qualified global AI developers in creating potential synergies that will allow them to survive and remain competitive in the changing global economy,” Nattapat adds.

Also read: 4 ways artificial intelligence is innovating e-commerce

Becoming part of RISE.AI

RISE is planning a roadshow inviting AI startups in 10 major cities across Asia, which include Bangkok, Singapore, Tokyo, Ho Chi Minh City, Beijing, Hangzhou, Shenzhen, Hong Kong, Seoul, and Taipei, to join the pitching competition and networking event with the partnered corporates listed above. Interested startups can submit the application online at https://www.riseaccel.com/ai . For more information about submitting the application and joining the roadshow, please contact RISE at namtom@riseaccel.com or the @RISEAccelerator Facebook Page.

Roadshow dates:

• April 24, 2019: Seoul, South Korea
• May 3, 2019: Taipei, Taiwan
• May 9, 2019: Tokyo, Japan
• May 15, 2019: Beijing, China
• May 17, 2019: Hangzhou, China
• May 22, 2019: Hong Kong
• May 24, 2019: Shenzhen, China
• May 29, 2019: Singapore
• May 31, 2019: Ho Chi Minh City, Vietnam
• June 4, 2019: Bangkok, Thailand

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