In amongst the current noisy UK political landscape it is good to see that the Government is redoubling its efforts to support the growth and development of AI focussed businesses in the UK.
The coming years will likely prove to be a defining period for the World’s economy as the pace of change that is predicted to be driven by the adoption of AI across multiple sectors and industries increases exponentially. The more that can be done to put the UK at the forefront of that change, the better. If we are to maintain a competitive advantage on the World stage we have to focus on what industries will bring revenue to the UK economy, retain existing talent and drive new talent to our shores. Right now, AI looks like a strong bet for the Government to make.
The are, however, significant challenges. Defining what is and is not “valuable” AI for the UK economy is not easy. It has a become a bit of a joke in the UK’s Venture Capital community that every new start-up these days suggests it is an AI led business. In deciding where to prioritise its support for AI businesses the Government has a tough job on its hand and it will require a clear, expert guiding hand to ensure we get the most bang for our buck. Predicting certain success in the start-up market is a fool’s game, particularly in a market that is quite so nascent. I have no doubt bets will be placed very carefully.
We will be watching with interest where the Government’s priorities will lie. Interesting times are ahead.
AI is arguably the biggest technology opportunity for the UK economy today