In the last year, the Artificial Intelligence (AI) market has experienced rapid growth, with the US Department of Commerce reporting that global AI funding reached an estimated $66.8 billion in 2021, doubling its previous figures from 2020. Yesterday, the UK government published “A pro-innovation approach to AI regulation” – a first of its kind regulatory framework proposed to “future-proof” and govern the exponential curve of AI technological advancement. Claire Trachet, tech industry expert and CEO of business advisory Trachet, comments on the government’s pro-innovation approach to AI and its growing impact.

Whilst the growth of AI’s influence has been tremendous, Elon Musk – Tesla CEO and OpenAI co-founder – alongside a group of artificial intelligence experts and industry executives, are calling for a six-month pause in developing systems more powerful than OpenAI’s newly launched GPT-4, citing potential risks to society. The incremental concerns surrounding big players – like Apple – becoming increasingly secretive about what they are doing, makes it hard for society to prepare and defend against whatever harms could potentially arise.

Following a year of socioeconomic turmoil, recessionary fears and a continued increase in interest rates, AI – particularly ChatGPT – created a wave of excitement for global industry as the technology was made readily available to the masses – for free. The UK government’s regulatory framework encourages growth for the sector, as the UK ranks as one of the best places in the world to start an AI business. Additionally, the rise in annual investment for UK AI companies has seen a massive increase from £252 million in 2015 to over £2.8 billion in 2021. According to research from the Department for Digital, Culture, Media & Sport (DCMS), there has also been a rise in the number of UK AI companies, which has now reached up to 3,100 businesses. As we continue to experience a staggering amount of growth for the sector, the need for regulation becomes crucial.

Tech startup expert, Claire Trachet CEO/Founder of leading business advisory, Trachet, comments on the government’s pro-innovation approach and what its growth means for the future of AI:

“The UK’s pro-innovation framework on AI regulation is a positive step towards global leadership in AI development and collaboration with international investors. However, the recent concerns raised by Elon Musk and other industry experts on the potential risks of AI systems that can outperform GPT-4 must also be taken into account.

The framework prioritizes public trust, which is crucial in driving the continuous growth that the UK is experiencing in AI, but it must also address the ethical and societal implications of such advanced AI systems. While the framework provides a clear overview of essential approaches, there remains a lack of specific details on how they will be enforced and implemented. If these regulations miss the mark in addressing public concerns about using AI, it risks hindering their growth and placing UK businesses at a disadvantage compared to countries with more lenient regulations.”