In Europe, comparatively little has been invested in AI-driven research and start-ups so far.
In comparison to China, whose research is mainly driven by the state, and the USA, where AI research projects are mainly financed by the economy, investment in Europe has been low. As early as 2015, companies in the USA invested almost 20 billion euros in AI and in Asia just over 10 billion euros – in Europe, the figure was just 3.5 billion euros at that time (Mahrer 2018).
This picture is also reflected in investments in AI start-ups.
Between 2016 and 2017 alone, global funding for start-ups tripled from 5 to 15.2 billion dollars – with China as the driving force: There, the amount of investment rose from around USD 0.5 billion to almost USD 7 billion. In the USA, investments doubled from just under USD 3.1 billion to USD 5.8 billion. The rest of the world, on the other hand, increased by only around 50 percent to a total of USD 2.1 billion (CB Insights 2018).
Ethics Inside from Europe as an alternative to profit and control?
A European AI strategy could now be an AI ethic “made in Europe”. It should integrate trust, security, transparency and reliability into AI and thus offer advantages in the global AI competition.
It would thus mark a powerful alternative to the strategies of the AI giants USA and China. And – establish a “third way” that focuses on data protection, sustainability and humanistic values and neither under- nor over regulates AI.
This constructive AI mindset requires not only new foundations in education and research, but also the courage of entrepreneurs to take an active and reflective approach to shaping the future:
Europe a pioneer in crypto-currencies?
The European Commission wants to set new standards with new rules for digital and cryptocurrencies, such as Bitcoin or Libra, and thus make Europe a pioneer. To this end, the Brussels authority announced that the package will strengthen Europe’s competitiveness and innovative strength in the financial sector. It is intended to pave the way for making Europe a global pioneer.
In the future, consumers should have more options in financial services and payment methods. The digital single market is to be standardized so that consumers can access financial products across borders. “Today’s package will strengthen Europe’s competitiveness and innovation in the financial sector and pave the way for Europe to be a global leader,” the Brussels authority announced last Thursday.
Consumers would have more choice and options in financial services and modern payment methods. Meanwhile, consumer protection and financial stability would be strengthened.
This should enable Fintech start-ups in particular to grow. The exchange of data is to be promoted. For providers of financial services, a level playing field should be guaranteed, whether they are traditional banks or technology companies – “same activities, same risks, same rules.
The concept of human dignity was once born in Europe. I, as a convinced European, would be delighted if this tradition were to continue in future technologies.