The European Commission has unveiled a new initiative aimed at supporting AI startups and small businesses in Europe. Commission President Ursula von der Leyen announced the measures during her state of the union address in 2023. The goal of the initiative is to provide assistance to companies in developing AI technologies that align with EU regulations and values.
As part of the initiative, European supercomputers will be made available to startups for training AI models. Financial support totaling approximately four billion euros will also be provided to startup companies by 2027. Additionally, various forms of assistance related to private venture capital will be offered.
The project builds upon the EU’s existing AI regulation, which governs the development and use of AI technologies. The objective is to minimize the risks associated with AI while safeguarding the rights of users.
To oversee the implementation and coordination of AI policy at the European level, an AI office will be established within the Commission. This office will also be responsible for monitoring compliance with the AI regulation.
In order to facilitate the development of AI, the Commission will create common European data spaces that aim to enhance data availability and reuse. These spaces will be built upon shared data infrastructures and governance frameworks, promoting improved integration, sharing, and access to data.
The Commission has also launched the GenAI4EU initiative, which seeks to support the development of innovative applications and use cases for AI in both the European industry and public sector.
While the EU’s AI regulation has faced criticism for potentially stifling the operations of AI companies and inhibiting competition with their American counterparts, the new initiative demonstrates a shift towards supporting startups in the AI sector.
The introduction of these measures signals a significant development in AI development in Europe, emphasizing the Commission’s commitment to fostering a thriving AI ecosystem while ensuring adherence to regulations and values. By providing financial support, access to supercomputers, and creating an AI office, the Commission aims to empower startups and small businesses in their pursuit of innovative AI technologies. The establishment of common European data spaces further fosters collaboration and data availability.
The measures introduced by the European Commission hold great potential for driving advancements in AI and positioning Europe as a global leader in AI development. With the right support and resources, startups and small businesses can contribute significantly to the growth and application of AI technologies across industries and sectors, further solidifying Europe’s position in the field of artificial intelligence.
