April

<p>As the European Union is set to adopt its landmark law governing artificial intelligence (AI) systems, a group of 33 EU-based technology companies warns against excessive regulation that could hinder innovation.</p> 
<h2 id="h-overly-strict-regulation-could-hamper-european-innovation-in-ai">Overly Strict Regulation Could Hamper European Innovation in AI</h2> 
<p>A coalition of 33 technology companies based in the European Union has sent a letter to European regulators, cautioning them against overly strict regulation of artificial intelligence (AI) systems before the AI Act is finalized.</p>
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<p>The <a href="https://cointelegraph.com/news/eu-tech-coalition-warns-of-over-regulating-ai-prior-to-eu-ai-act-finalization" target="_blank" rel="noreferrer noopener">letter</a>, sent on November 23, emphasizes that overly strict regulations targeting basic models like OpenAI’s ChatGPT and general-purpose AI (GPAI) could smother the innovation that Europe desperately needs. Indeed, only 8% of European companies currently use AI, far from the European Commission’s target of 75% by 2030. Moreover, only 3% of the world’s AI unicorns are European.</p> 
<p>However, Europe’s competitiveness and economic prosperity heavily depend on its ability to deploy AI in key sectors such as green energies, health, industry, or energy.</p> 
<p>The signatories highlight that to become a “<em>global digital power</em>,” Europe needs European AI leaders, based on basic models and GPAI. Excessively strict regulation will kill these technologies in the cradle before they have had a chance to grow and benefit the European economy.</p> 
<h2 id="h-recommendations-to-promote-responsible-innovation">Recommendations to Promote Responsible Innovation</h2> 
<p>While recognizing the necessity of a regulatory framework, the technology companies recommend several approaches to European decision-makers to foster responsible innovation:</p> 
<ul> 
 <li>Reduce excessive compliance costs for businesses,</li> 
 <li>Focus on regulating high-risk use cases rather than the technologies themselves,</li> 
 <li>Clarify overlaps with existing legislation.</li> 
</ul> 
<p>Finally, as these companies point out, “<em>let’s not quash them before they have a chance to grow, nor force them to leave</em>”.</p> 
<p>This warning comes at a critical time when the EU is finalizing its landmark AI law, initially proposed in April. A first letter co-signed by 160 technology leaders in April already highlighted the dangers of over-ambitious regulation. Let’s hope that European regulators will find the right balance between protecting citizens and supporting innovation.</p> 
<p>The ball is now in the court of European decision-makers. Will they be cautious enough with these emerging technologies to avoid stifling innovations that could make Europe a global leader in AI? The coming weeks will be decisive.</p>

AI unicorns Warn Europe Against Overregulation

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