Business and Artificial Intelligence: Strategies for Success

Accelerating the adoption of Artificial Intelligence (AI) across European businesses is not merely an option, it is a necessity for Europe to become globally competitive. To achieve this, Europe must foster a business environment and regulatory framework that actively enables, rather than hinders, the growth and advancement of European AI technologies. Eurochambres believes that the forthcoming AI Continent Action Plan and the Apply AI Strategy, combined with the harmonised and effective implementation of the EU AI Act, will be instrumental in supporting and empowering businesses to develop innovative AI technologies and applications.

• European businesses face challenges related to a lack of AI talent, infrastructure, and data, hindering their AI readiness and uptake.
• Europe is experiencing a funding gap in AI investments, necessitating improved access to funding, improved venture capital support, and increased public-private collaborations.
• Expanding access for businesses to advanced computing infrastructure, such as exascale supercomputers, is crucial for AI development.
• Increasing the budget for European Digital Innovation Hubs (EDIHs) and expanding the "Test Before Invest" program would provide businesses, particularly SMEs, with greater access to AI testing environments, expertise, and support.
• Investing in AI education and training programmes is pivotal to cultivating a skilled workforce that can propel AI adoption.
• The EU needs to create the right conditions for the development of AI, including improving data sharing, promoting open source AI, and supporting applications that are tailored to specific industries and use cases.
• Clear definitions and examples of AI risk classifications are essential for businesses to comply with the EU AI Act.
• The success of implementing the AI Act in a harmonised manner will depend on the effective oversight by an AI Office with sufficient staff and expertise.
• The EU AI Act must clarify what constitutes modification and fine-tuning of AI models and the legal implications for businesses.
• Multi-jurisdictional regulatory sandboxes focusing on vertical AI applications will help foster innovation across industries.
• Eliminating conflicts and overlaps between the AI Act and other EU regulations will reduce uncertainty and compliance burdens for businesses.