Mark Minevich Contributor
Mark Minevich is President of Going Global Ventures, Advisor of Boston Consulting Group, Digital Fellow of IPsoft, World Leading AI Expert, Digital Cognitive Strategist and Venture Capitalist.Other posts by this contributor Use AI responsibly to uplift historically deprived people during COVID-19 Use AI responsibly to fight the coronavirus pandemic To do
The EU Commission recently proposed a series of new and strict rules for regulating AI because of urgent need. With the global competition to officially regulate AI, the EU has published detailed proposals on how to regulate AI, explicitly banning some uses and defining what it considers to be high risk. We plan to ban the use of AI that threatens people’s rights and safety.
When Margrethe Vestager, Executive Vice President of the European Commission, said that trust is essential and not good to have when it comes to artificial intelligence, but regulation is the most effective and efficient way to do it. Can all agree. Do you want to secure this reality?
The take-out from the committee is incredibly detailed, but what makes the most sense to me is that stress-regulated AI should aim to enhance human well-being. However, regulations should not overly constrain the experimentation and development of AI systems.
High-risk AI systems need to have built-in human monitoring and control mechanisms that are constantly immutable. AI systems that aim to interact with people or generate content, whether at high risk or not, must comply with certain transparency obligations. In addition, AI-based remote biometric systems in publicly accessible locations are only permitted by EU or Member State law and serve the purpose of preventing, detecting, or investigating serious crimes and terrorism.
Partnership between AI and humanity
The set of laws and legal frameworks enacted in Europe will have a significant impact on AI regulation around the world, as will the impact of the GDPR regulations created over the last decade. But do these laws help move from an unplanned regulatory approach across the EU to a common classification singularity?
In my opinion, this will undermine AI development in the EU, while China and the United States will make a leap. It will limit artificial intelligence use cases and innovations and put the EU in a technologically inferior position globally. In the United States, AI is optimized to maximize the profitability and efficiency of a company. In China, AI has been optimized to help governments get the most out of their population while maintaining power. The EU’s over-regulated environment leads to complete turmoil when the regulations of various EU institutions begin to conflict.
Adverse effects on EU entrepreneurship
Lack of investment in AI in the EU is a major factor in the EU’s loss of AI competition in the United States and China. Currently, there are about 446 million people living in the EU and 331 million people in the United States. In the EU, $ 2 billion will be invested in AI in 2020, and $ 23.6 billion will be invested in the United States. It was.
As the EU continues to drive aggressive regulation and funding shortages, it will take global leadership in AI regulation, but many European entrepreneurs have decided to launch startups in more AI-friendly countries. You won’t be surprised either.
Building an innovation- and entrepreneur-friendly EU requires building and leading a collaborative network of AI pioneers.
Similarly, other countries take advantage of the EU’s push towards strict regulation by promoting innovation and holding the future of global technology stronger. According to a recent World Bank report, the EU launched 38% of data compliance surveys in 2019, compared to only 12% in North America. With such strict and burdensome policies for businesses, it’s no surprise that innovators and entrepreneurs begin to move to more business-friendly regions of the world.
Regulation leads to demotion
The proposed regulation will fine you up to 20 million, or up to 4% of the total annual sales of your AI provider, if you violate it. Given the previous EU law and the subsequent lack of digital innovation, these proposed regulations cause a chronic stagnation of digital innovation and its adoption in the EU block.
In short, if these regulations are enacted, the EU will lag behind the pioneers. The actual use cases of AI have not yet been clarified, revealing the true potential of AI. Large-scale bureaucracy for high-risk use cases undermines entrepreneurship and bottom-up innovation efforts. With historical signs that the EU is heading into recession, it’s not time to curb innovation.
Put a human face on global AI and show its value
For AI to be widely accepted, we need a human face that shows AI to help people solve problems and challenges. You need to emphasize the fascinating story that is true and introduce the real people behind it. In order for the general public to embrace the potential of AI, we need to see people like ourselves benefiting from the goodness of AI.
AI funding, among other things, means startup funding. Startups form a bridge between the discovery and development of disruptive technologies and their daily use by the general public. Europe already has a fair amount of planning, but it needs to accelerate.
European venture capital lags behind US models. Fast-growing start-ups rely primarily on American and Asian investors. This requires a rethinking of investment culture and a wise promotion of a dynamic investment environment. For example, through targeted relaxation of investment restrictions for institutional investors.
We lived in an era of moonshots where entrepreneurs and scientists could move forward like never before. To compete in the next economy, you need to play a new innovation game that aims to increase innovation by a factor of 10.
Incremental optimization does not help to reach this level. The focus needs to be on big innovations: moonshots. Taking risks is acceptable and the implementation of large, high-risk ideas should be normal.
Building an innovation- and entrepreneur-friendly EU requires building and leading a collaborative network of AI pioneers. Entrepreneurs and data science leaders need to use energy to focus on AI to improve the world in the long run and advocate deregulation. To achieve this, we need to establish a global AI Pioneer Council on AI and have participants from major research institutes, businesses, the public sector and civil society to develop a common understanding of best practices. there is.
AI is no longer just a tool for optimizing corporate systems and social infrastructure. The possibilities extend even further to the resolution of the various crises facing humanity, from climate change to uncontrollable pandemics. Responsible AI and AI for proper application to superpowers around the world can address these crises.
The EU cannot afford to be a region of the world that hinders innovation and entrepreneurship. The EU must move towards AI-based strategic leadership of AI, not towards super-regulation. Over-regulated roads lead to deep stagnation. It is up to the EU to decide what it wants to do in the future.
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