European start-ups confident AI race not lost to the US and China

EU Commission President Ursula Von Der Leyen announced a €200bn package to push the nascent AI industry in the EU.

Transcript

00:00I hear that Europe is late to the race while the United States or China have already gotten ahead.

00:09I disagree because the AI race is far from being over. Truth is we're only at the beginning.

00:20The European Union will channel 200 billion euros into AI investments

00:25in a bid to catch up with the thriving tech ecosystems in the US and China. An announcement

00:31warmly welcomed by multiple European startups present at the Station F incubator in Paris for

00:37the AI summit. It's not all done to the largest companies. There's a lot that can be done. We have

00:42lots of innovation, lots of people figuring out how to do things more efficient, faster,

00:47more respectful of the regulations that we do have here. There are some to do there.

00:51The EU was one of the first global powers to introduce comprehensive regulations around AI.

00:56But US Vice President J.D. Vance criticized this regulatory environment in a speech on Tuesday.

01:02Some AI experts, however, believe European companies need to lose these regulations if

01:08they want to remain competitive. So what we need is European entrepreneurs working with

01:12American technology. And then we at least share the power, we share the revenue.

01:16But if we don't do anything and want to do it on our own, we will fail because we don't have it.

01:23And the Americans have it. They have the technology, the capital, the speed and innovation.

01:26So let's tear down the wall and accept them, incorporate with them, because the enemy is not

01:34the US. The US and the UK have notably refused to sign the summit's declaration that encourages

01:40countries to abide by certain ethics of AI governance.

01:44Sofia Katzenkova, reporting from Paris for Euronews.