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Amazon has now entered the growing generative artificial intelligence (AI) market, with launching an AI accelerator to help startups working in the field.

The Amazon Web Services (AWS) 'Generative AI Accelerator' is a global programme for 10 Generative AI startups that can demonstrate early-stage traction.

Selected startups will get up to $300,000 in AWS credits to help build their AI services and solutions.

Applications are open for the next two weeks and 10 startups will be chosen, according to the company.

"Ideally, you'll have a minimum viable product (MVP) already developed and your eyes set on seed-stage funding, with plans to raise in the next 18 months," said Amazon.

"We welcome machine learning startups with technical leads who are leveraging cloud technologies, or who plan to. If you have game-changing ambitions in the Generative AI space, we want to support you," the company informed.

The company has announced a kick-off event in-person in the San Francisco Bay Area in the US from May 24-25 and a Demo day on July 26-27 to showcase the progress of its AI accelerator.

"Upon completion of the 10-week programme, you'll pitch to the Generative AI community -- including investors, press and customers -- to raise awareness for your company," said Amazon.

The Generative AI market is currently led by Microsoft-owned OpenAI via ChatGPT and AI-powered Bing Search, with Google trying hard to disrupt the space with its AI service called Bard.