Feb. 8, 2024
Feb. 8, 2024
Artificial Intelligence is the new black. With more than 180.5 million people already integrating ChatGPT into their toolbox, we are witnessing the beginning of a new automated reality that is bigger than a helpful chatbot.
Event Highlights and Expert Insights
Will AI Regulations Cause a European Brain Drain?
During his keynote, Dr. Flöter shined a light on some questions about the new regulations and their effect on European startups, coincidentally on the evening before the EU policymakers green-lit the AI Act.
About two-thirds of companies expect a negative impact from the AI Act. It's estimated that around 12% of startups could move to the US to escape EU regulation
The issue is that most of these companies, once they leave, won't be able to do business in Europe without complying with the AI Act rules. The result, though, might not be a loss, but rather a potential.
"At its core, the AI Act has positive value. We need human input and control," Dr. Flöter said. Data transparency, an open-source mentality, and smart regulations could lead to European companies being known for their high standards of quality in AI products - much like the perception that wine and chocolate made in Europe are the best in the world.
Plus, EU countries will have room to influence how the AI law will be implemented.
Preparing for the AI Act
"The AI Act overall has a good purpose but is complicated in the details." Luckily, the details are being finalized slowly and are expected to be implemented by summer 2026. Startups and businesses have a little time to prepare.
Here are Dr. Flöter's final tips on how:
We are in a new AI transformation era that is going way faster than we expected.
Ms. Ryan dubbed 2024 "The Year of the Developer." For startups, this could be good news.
Founders who started using AI tools before the curve began to bend skyward will have a foundation in place as more possibilities emerge. Startups that are now forming can be a one-person business with AI as their only coworker.
She also highlighted more trends for 2024: