Google has launched an equity-free business fund targeted specifically at women-led AI startups in the Asia Pacific region. The fund, known as the Google for Startups Women Founders Fund, aims to address the underrepresentation of women in both AI algorithms and businesses. Google plans to reward six women-founded AI startups from India, Japan, or Korea with cash awards of up to $100,000 each.
The decision to create this fund sends a clear message about the importance of promoting gender diversity and inclusivity in AI. According to GlobalData analyst Maya Sherman, Google’s initiative has the potential to significantly impact women in AI across South Asia and beyond. In addition to providing a financial boost to AI startups in the region, Google’s support for female founders highlights the need to include underrepresented minority groups in the AI and tech sectors.
However, Sherman also points out that China is noticeably absent from the list of eligible countries for the grant. While this may be due to geopolitical tensions and the US-China tech race, she acknowledges that China has made internal strides in promoting women into leadership roles in the tech industry. Sherman suggests that the US may be lagging behind when it comes to women’s empowerment compared to other nations.
Despite concerns about Google’s recent policy update that expands data collection for AI training, Sherman believes that the funding initiative will still benefit women in the male-dominated tech industry. Gender biases continue to persist in AI and other tech tools, but the funding provided by Google can help address these issues.
Applications for the grant are open to founders in Korea, Japan, and India until August 15, 2023. By supporting women-led AI startups, Google aims to foster long-term inclusion for tech and encourage more women to play an active role in shaping an inclusive AI future.
In conclusion, while Google’s new equity-free business fund for women-led AI startups in Asia is a step in the right direction, it is essential to consider the broader context of gender diversity and inclusion in the tech industry. The initiative has the potential to inspire similar support programs from other companies, but it should be seen as part of a larger effort to address gender biases and promote inclusivity in AI. By providing funding and opportunities for women founders, Google is contributing to a more diverse and representative tech sector.
