Got a Great AI Startup Idea? OpenAI is Offering $1 Million to Support Your Venture!

ChatGPT creator OpenAI is inviting aspiring startup founders to apply for a $1 million funding boost along with exclusive educational resources through its Startup Fund. This opportunity is available to participants willing to engage in a six-week program requiring a maximum commitment of six hours per week. Notably, applicants do not need prior AI experience or to use OpenAI products.

Last night, OpenAI co-founder and CEO Sam Altman, along with CTO and former interim CEO Mira Murati, announced the launch of "Converge 2" on the social platform X (formerly Twitter).

The Converge 2 Program Overview

This is the second iteration of the OpenAI Startup Fund's initiative, following the successful launch of Converge in December 2022. The program invites global AI entrepreneurs to apply with minimal information about themselves and their ideas on OpenAI’s website. The selected founders will receive funding, coaching, and expertise to help build and grow their companies.

After the application period closes, OpenAI will select 10 to 15 startups, each receiving $1 million. While this may seem modest compared to typical multi-million dollar seed rounds, it can significantly impact entrepreneurs in the early stages of ideation and company development.

How to Apply

OpenAI encourages applications even from those who haven’t written code or secured funding, making this opportunity accessible to all innovators with an idea. The online application requires only basic information, including the applicant's name, a brief company description, links to social profiles, and a 30-second pitch video.

Importantly, applicants are not required to use OpenAI’s APIs, such as GPT-3.5/4, ChatGPT Plus/Enterprise, Codex, or DALL-E. The FAQ section on the Converge 2 webpage clarifies, “No. The program is for anyone building (or aspiring to build) on cutting-edge AI models.”

Application Timeline

The application window is open now until January 26, 2024. Interested founders can fill out the application form online.

What Converge 2 Offers

The program will run from March 11 to April 19, 2024. While participants are expected to commit 4-6 hours a week, the structure allows for remote participation, except for the first and last weeks, which will involve in-person meetings in San Francisco, with travel costs covered by OpenAI.

Throughout the six-week period, participants will experience a blend of tech talks, office hours, and social events, providing opportunities to connect with leading AI practitioners and seasoned startup founders. This setup is designed to address current challenges and opportunities in AI development.

Crucially, no prior experience with AI systems is necessary, enabling a diverse range of innovators to apply. This initiative reflects OpenAI’s commitment to promoting diversity within the AI field by encouraging applications from underrepresented backgrounds and entrepreneurs based outside the United States.