From CNBC: 2024-06-26 01:28:47

Prince Constantijn, special envoy to Dutch startup accelerator Techleap, warns Europe risks falling behind U.S. and China in artificial intelligence due to heavy regulations. Concerns include job displacement, privacy, and algorithmic bias. EU recently approved groundbreaking AI law setting rules for different AI applications based on risk levels.

The EU AI Act requires transparency for generative AI applications and stricter scrutiny for high-impact AI models. Prince Constantijn expresses concern over Europe’s focus on regulation rather than innovation in AI space. Europe faces challenges with restrictions on data and lacks unified market and capital flow like the U.S.

While Europe excels in talent and technology, it struggles with underlying data and IT infrastructure, relying on large platforms for support. Despite this, Constantijn believes Europe can be competitive in developing AI applications. He highlights the importance of striking a balance between regulation and innovation in order to stay relevant in the fast-paced industry.

Read more: Europe risks falling behind US and China on AI: Prince Constantijn