Tuesday April 23, 2019 14:41 —PRESS RELEASE LOCAL
RISE, the largest regional corporate innovation accelerator in Southeast Asia, emphasizes its commitment to technological innovation, introducing the first Corporate AI Accelerator program to deliver tangible business results that strategically respond to the requirements of leading corporates in Southeast Asia.
RISE.AI is the most comprehensive corporate AI innovation program in Southeast Asia, using RISE's global network and expertise to create an outcome-driven innovative platform that bridges the gap between innovative concepts and applicable practices in accelerating the development of AI technology. The program aims to gather best-in-class AI startups who specialize in artificial intelligence technology with initial market traction to jointly develop pilot projects with leading corporates in various sectors such as Finance & Banking, Insurance, Energy and Clean Technology, etc. The leading corporates in Thailand who joined the program include PTT Exploration and Production Public Company Limited (PTTEP), AI & Robotics Ventures Co., Ltd. (ARV), Bank of AYUDHYA Public Co., Ltd. (Krungsri) and the Digital Economy Promotion Agency (DEPA). The program will take place in Bangkok during April – September 2019.
According to Nattapat Thanesvorakul, Head of Ventures at RISE, artificial intelligence technology will be a major driver that boosts overall GDP growth of Thailand and Southeast Asia region. An establishment of a data-driven culture in a business organization will enable regional corporates to optimize key business decisions and enhance core products and services leading to sustainable economic growth. He added, "AI's industry is now growing and creating profound effects on both business and society. 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. Therefore, businesses are necessary to adopt new technology in order to cope with rapid technological changes and creates new business opportunities that strengthen competitiveness and maximize revenue."
According to the reserach by McKinsey, the adoption of AI will result in substantial increase in profitability of businesses in all sectors by 2035, particularly in Education, Accommodation & Food Service and Construction, which is expected to rise more than 70%. Additionally, the utilization of AI in wholesales and Retails, Agriculture, Forestry, Fishing and Healthcare sectors are expected to raise profitability for more than 50%. Considering the advantage of first-mover in AI adoption, businesses are now keen to develop their AI capabilities to capture such a competitive advantage. "However, the adoption of AI is time-consuming and costly. Most corporates in SEA region are facing insufficient resources in developing AI technology within the organization, 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," said Nattapat.
According to Thana Slatvetpan, VP of PTTEP Technology and Knowledge Management, "As PTTEP is planning to leverage AI technology in many key areas of the organization in order to enhance PTTEP business operations, we are excited to be one of the official engaging partners of RISE.AI, which will enable PTTEP to explore best-in-class AI startups around the world."
RISE.AI is the Corporate AI Accelerator program that allows corporates to access to a pool of global AI community partners. The program selects startups based on the ability to address corporates' problem statements. All AI startups, selected to participate the program, will have an opportunity to join the camp to co-develop nine-week pilot projects with our leading corporate partners and receive personalized mentorship from our AI experts (New York University Future Lab), to ensure deliverables within the timeframe of the program. With strategic assessment and mentorship program from RISE.AI expert partners, this makes RISE.AI the promising platform in Corporate AI development in SEA. The program will be officially launched in April 2019, with the plan to organize roadshow in 10 major cities across Asia, which include Bangkok, Singapore, Tokyo, Ho Chi Minh City, Beijing, Hangzhou, Shenzhen, Hong Kong, Seoul, and Taipei.
"RISE.AI is a great opportunity for all AI startups that thrive to expand and grow the business in Southeast Asia because of the robust economic growth as well as the strong investment in AI technology from the corporates in the region. Therefore, I encourage all AI startups around the world to join RISE.AI, the first Corporate AI Accelerator in Southeast Asia," said Mina Salib, a program director from New York University Tandon Future Labs, one of RISE.AI's strategic partners.
Interested startups can submit the application online at www.riseaccel.com/ai. For more information, please email us at firstname.lastname@example.org or contact us at RISE, 496-502 Amarin Plaza Bldg. 22nd Floor, Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330, Thailand. Tel: (+66) 22569918 / Facebook: @RISEAccelerator
RISE is the largest regional corporate innovation accelerator in Southeast Asia. The company engages in promoting corporate innovation environment to business organization in Thailand and Southeast Asia with an aim to establish Southeast Asia as the global hub for corporate innovation. See our latest innovation ecosystem building activities at www.riseaccel.com.