Shaping the Future of AI in Europe: Navigating the AI Act

Today, the European Parliament overwhelmingly passed the #AIAct - a pioneering step in AI regulation and a milestone for European digital innovation. This unified approach is preferable to fragmented national regulations, but it also introduces complexities for companies, particularly in the AI sector.

Europe's share of global AI unicorns is just 3%, with the US and China leading in private AI investment. With the AI market projected to reach $1.5 trillion by 2030, it's crucial for European companies to capitalize on this growth without being hindered by excessive bureaucracy.

To maintain our competitive edge and nurture AI innovation within Europe, we propose five key actions for the EU:

1. Leverage Existing Global Tech Standards: Utilize over 100 global tech standards already supporting EU AI Policy to quickly establish European Harmonized standards.
2. Simplify Compliance: Introduce an online self-assessment portal in all EU languages and increase funding for sandboxes to facilitate compliance.
3. Global AI Alignment: Collaborate with like-minded countries to establish common AI definitions and data management practices.
4. Increase AI Investments and Align Tax Incentives: Encourage private investment in emerging technologies and coordinate tax incentives for innovation among member states.
5. Clarify Regulatory Overlaps: Address potential conflicts between the AI Act and existing legislation like GDPR, the Data Act, and sector-specific regulations.

Europe has the potential to be a leader in AI, but it requires more than just the AI Act. We must focus on creating an environment where European entities are not just users, but leaders and innovators in AI.

Artificial Intelligence Act: MEPs adopt landmark law | News | European Parliament (europa.eu)

#DigitalInnovation #AITechnology #TechPolicy #AIRegulation #ANIS