Australia AI Sprint

AUSTRLIA AI SPRINT

What is Australia’s AI Sprint?

Australia’s AI Sprint is a groundbreaking initiative aiming to foster innovation by providing substantial support, valued at $500,000 in research and development from Australian research institutes, to developers of AI solutions that have the potential to benefit Australia economically and socially. This support is aimed at accelerating the development of new, innovative AI applications across various industries, encouraging the growth of sustainable AI-driven businesses.

 

Background

The AI Sprint emerges from a collaboration between the National AI Centre, Australia’s innovation powerhouse Stone & Chalk, and Google Cloud. It’s designed to galvanise the AI ecosystem, providing innovators with the tools and resources needed to transform AI technologies into viable solutions that address key challenges and opportunities in Australia. The initiative highlights the commitment to advancing AI as a tool for positive change, enhancing the nation’s competitiveness, and improving the lives of its citizens.

 

Objectives

The objectives of Australia’s AI Sprint are to:

  • Stimulating AI Innovation: To activate and unite Australia’s AI ecosystem, encouraging the creation of AI solutions that can tackle real-world problems.
  • Supporting Sustainable Businesses: To aid participants in developing their AI technologies into enduring enterprises through mentorship, corporate partnerships, and technical assistance.
  • Enhancing Social and Economic Benefits: To leverage AI for the betterment of Australia, aiming for outcomes that offer both economic growth and social advantages.

 

Eligible Entities

Eligible entities for the Australia’s AI Sprint’s are:

  • Individuals or entities holding an Australian Business Number (ABN).
  • Companies employing fewer than 20 full-time staff members, including solo entrepreneurs and startups, provided they have a Minimum Viable Product (MVP).

Eligible Expenditure

The eligible expenditure for Australia’s AI Sprint are:

  • Developing and refining MVPs.
  • Research and development activities aimed at bringing AI solutions to market.

 

Funding

The sprint offers a total of $500,000 in R&D support, provided by the National AI Centre, to the top three participants, along with facilitation services by CSIRO’s SME Connect. This funding aims to catalyse the path from innovative concept to market-ready solution.

 

Eligible Activities

Eligible expenditure for the Australia’s AI Sprint includes:

  • Developing AI solutions aligned with opportunity statements like optimising supply chains, governance enhancement, addressing cost of living, and workforce empowerment.
  • Preparing for the Demo Day presentation, where solutions are showcased to industry stakeholders.

 

How to get the Australia’s AI Sprint

In order to secure Australia’s AI Sprint program, you will need to focus on:

  1. Highlight AI Solution’s Impact: Clearly articulate the societal or economic problem your AI solution addresses, emphasising the innovative approach and potential benefits for Australia.
  2. Demonstrate MVP Readiness: Provide evidence of your Minimum Viable Product (MVP), showing its functionality and how it applies AI to solve real-world problems.
  3. Align with Opportunity Statements: Ensure your AI solution aligns with at least one of the program’s opportunity statements, such as improving supply chains, governance, cost of living, health, or workforce empowerment.
  4. Showcase Team Expertise: List your team members, emphasising their AI, technical, and industry expertise that contributes to the project’s success.
  5. Detail Previous Achievements: Present any previous funding, achievements, or recognitions that underline your capability to execute and scale the AI project.
  6. Engage with Educational Content: Actively participate in the AI Sprint’s educational offerings, demonstrating your commitment to learning and applying new AI technologies and methodologies.
  7. Plan for Commercial Viability: Outline your business model and market strategy that demonstrates the commercial viability and scalability of your AI solution.
  8. Network and Mentor Engagement: Show your initiative in engaging with mentors, experts, and potential corporate partners provided through the AI Sprint, highlighting how these connections will enhance your project.
  9. Prepare for Demo Day: Develop a compelling pitch that showcases your AI solution’s value proposition, innovation, and impact, preparing to impress at the Demo Day presentation.
  10. Detail Use of Funds: Clearly outline how the research and development support will be used to advance your AI solution, including technical development, market research, and scaling strategies

 

Timing

The closing date for the Australia’s AI Sprint is 21 March 2024

 

More Information

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