(The Center Square) – Seattle has launched “AI House,” a public-private partnership involving movers and shakers in the artificial intelligence world designed to make the Emerald City a major hub in the fast-growing and lucrative industry.
AI House is up and running at Pier 70 on the Seattle waterfront. The space is intended to be used as a de facto AI town hall, allowing talent – entrepreneurs, investors, students and community leaders – to work together.
The public-private partnership includes the Seattle Office of Economic Development, the nonprofit AI research institute AI2 Incubator and Ada Developers Academy.
Seattle used $210,000 in funding from the Office of Economic Development and $400,000 from a Washington State Department of Commerce grant to lease the waterfront space to nonprofit organizations and academic institutions as part of a plan to support and nurture early-stage and startup AI businesses.
These startups will focus on AI technology and development and teach curricula to skill up workers to use AI as a business resource.
The city is investing in this location because it hopes to take advantage of the growing potential of the AI market. In a Wednesday news release, Seattle noted international trade organization, Greater Seattle Partners, which mentioned that AI could contribute $15.7 trillion to the global economy by 2030.
PwC, one of the “Big Four” accounting firms, estimates that AI could contribute up to $15.7 trillion to the global economy by 2030, exceeding the combined output of China and India, with gains stemming from increased productivity and consumer benefits.
Seattle is home to more than 400 AI companies, making it a top 10 location for AI jobs.
“Our region is where thinkers, builders, and innovators come to bring big ideas to life, and this investment reflects our effort to make Seattle the best place for AI and tech to set up shop,” Seattle Mayor Bruce Harrell said in a news release.
Seattle leaders want the space to integrate local businesses by developing technology that could reduce retail theft, streamline mortgage underwriting to help lenders close home loans quicker and reduce the cost of a home to a buyer, and improve healthcare monitoring and reduce false alarm burnout of intensive care unit nurses.
If AI House is successful, the city will consider expanding the project into long-term spaces in the downtown area as part of a plan to fuel economic growth, bolster AI companies in Seattle and increase their numbers.
During the press conference on Wednesday, Yifan Zhang, managing director at AI2 Incubator, said there are already 15 AI startups at AI House, all of which have received funding from AI2 Incubator. He said this could be an indication of more positive outcomes in the future from the public-private partnership.
