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Europe’s AI push: €150 billion pledge to supercharge European AI startups
- General Catalyst is leading the EU AI Champions Initiative, which is calling for simplified AI regulation, increased infrastructure investment and a public awareness campaign to boost trust in the technology.
- The call to action aims to make Europe a global leader in AI, by investing in it and leveraging AI to drive economic resilience and productivity, and maintain strategic autonomy.
- The main feature of the plan is a bank of €150bn over the next five years, backed by 20 key investors.
- Industry leaders and startups argue that three major obstacles must be addressed for Europe to take the lead in AI: simplified AI regulation, investment in infrastructure, and public awareness and trust of AI.
- Among major corporations and AI start-ups backing the initiative are Deutsche Bank, Helsing and Spotify.
- The planned €150bn in AI investment will focus on developing tailored AI models for industrial applications, scaling start-ups through funding and modernising infrastructure such as data centres, energy grids and cloud computing.
- Alongside this, a public engagement campaign is planned to showcase AI’s benefits while addressing ethical concerns.
- According to the initiative's projections, the money could boost Europe’s annual productivity growth by up to 3% through 2030.
- The report emphasises the need for deep collaboration between established companies, AI technology providers, and policy makers to unlock AI’s full economic potential for Europe.
- AI is a strategic determinant of Europe's future economic strength, from which Europe should benefit to boost productivity, resilience and economic autonomy.
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