The stock market euphoria triggered by Artificial Intelligence (AI) is, for some, a reprise of the bubble dotcom in the 90s, which ended with huge losses and many bankruptcies. But, despite these and other fears, such as the risk of unethical uses, AI will not go back and is already revolutionizing the way companies operate and compete with each other.
The adoption of AI by companies has been gradual but inexorable, with this technology becoming critical to the success of operations and processes. However, Europe is advancing at a pachyderm’s pace in incorporating AI into the business fabric, unlike what is happening in the USA and Asian powers. Portugal is no different from European trends, which is explained, to a large extent, by the weakness of infrastructure, the predominance of micro-enterprises and the lack of digital skills.
As part of the Portuguese presidency of D9+, the next ministerial meeting of this informal alliance of EU member states at the technological forefront will take place in Lisbon, on the 16th and 17th. Portugal therefore has an excellent opportunity to encourage the development of AI in Europe and, consequently, in its own business fabric. This is what CIP considers, which will, in parallel, organize the B9+ European Digital Summit, a meeting of companies, experts and decision-makers around the EU’s digital challenges. The occasion will also serve as the launch of the AI Nation Portugal movement, a collaborative platform that the confederation created to reinforce the country’s digital competitiveness.
Europe needs to assert its technological sovereignty and become more competitive in the digital economy. To achieve this, it is essential that leading European companies emerge in the field of emerging technologies. To this end, the EU will have to create a more agile, competitive and favorable business ecosystem for investment in innovation. This implies moving towards regulatory simplification, so that, without sacrificing ethical issues, the development and implementation of AI in Europe is unlocked.
The delay in AI requires massive mobilization of public and private investment. Large-scale financing is needed with simplifying rules to scale startupsretain talent, support industrial chains, create data markets, strengthen computing capacity, accelerate semiconductor production, leverage the capital market, invest in stretch e upskilling and reinforce energy infrastructures. Europe does not have to replicate the North American strategy, but rather fill niches and gaps in emerging sectors, taking advantage of its ethical awareness, the strength of its internal market and the quality of its Academy.