AI is likely to be the definitive technology of the century, disrupting and reforming global economies. At this early stage in the AI race, the UK can say it has many advantages – our AI ecosystem is envied around the world. The UK has an estimated 1400 high-growth AI startups, employing more than 20,000 and generating more than £1 bn in revenue. In 2020 alone, the UK’s AI ecosystem was worth more than £15 bn.² But the UK cannot afford to rest on its laurels: despite its strength, the AI ecosystem is not without challenges, nor is it immune to damage from regulatory overreach. Startups by their very nature are created to do things differently and take the sorts of innovation risks other companies are unwilling or unable to. For policy makers this means startups will effectively be the litmus test for AI rules – if AI regulations don’t work for startups, the entire AI sector will suffer.
Following the introduction of the EU’s draft Artificial Intelligence Act (AIA), and the UK Government due topublish its own AI White Paper, we decided we needed to ask the AI ecosystem – what do they want from future regulation?
The startups we talked to were generally positive about the UK being able to cement its position as a world-leading hub for AI innovation – as long as it gets its regulation right.