A startup incubator is to be set up by Thomson Reuters in Switzerland, providing support to projects involving artificial intelligence (AI), distributed ledger technology, big data, and analytics.
The incubator will be a six month intensive experience that will also provide office space for participants, and exposure to organisations that can provide support with investment.
In addition to networking opportunities, Reuters will also include access to executives for mentoring and guidance during the period.
The processing of applicants to the programme is currently under way, but two participant firms have already been added to this list. Open Mineral is one of the companies, focussing on a new approach to the commodities market.
WealthArc is the second startup that has been confirmed for the programme, targeting the investment management industry with the development of a cloud-based software as a service (SaaS) platform.
Mona Vernon, CTO, Thomson Reuters Labs, says: “Technology is evolving at an unprecedented rate and corporations need to keep pace. Partnering with startups and other market disruptors is essential for us to be agile and responsive to our customers. The Incubator will become an essential part of our corporate strategy to drive organic growth through innovation.”
The momentum behind the innovation of cutting edge technologies has increased on the back of programmes such as this new incubator from Thomson Reuters. The implementation of distributed ledger technology for example is being pushed by consortiums such as the Enterprise Ethereum Alliance, and R3.
High profile organisations are heavily involved in the furtherance of this technology, including the likes of JPMorgan and Goldman Sachs. The Enterprise Ethereum Alliance is comprised of 28 major corporations, looking to bring blockchain-based systems to large firms.
The impact of these technologies is set to boost productivity, streamlining processes that linger on from the past, and ultimately slashing spending for businesses. Security is another high priority area that it is thought will benefit from these technologies.
Research has shown that AI for example, could boost the UK GDP by as much as ten percent by 2030, having a huge impact on industries such as the financial services, healthcare, and retail.