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From Regulator to Innovator European AI and Sovereignty
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00:00Hi, everyone. I hope you're having a great time so far at Viva Tech.
00:04My name's Victoria Turk. I'm an editor at Rest of World,
00:08a non-profit publication covering technology outside of the West.
00:12And it is my pleasure to be hosting this next session.
00:15We're going to be talking about Europe and AI.
00:19So when we talk about Europe's role in AI,
00:23we might immediately think about regulation.
00:25It's where Europe seems to be leading the way.
00:28But what about innovation?
00:31Actually developing this technology,
00:33creating the kind of companies that can compete
00:35with those coming out of the US and China?
00:39To discuss this, we've got three experts on AI in Europe.
00:44And instead of introducing you, I'm going to ask you to do that yourself.
00:47So tell us, who are you? Where are you from? What do you do?
00:51Should we start at this end?
00:53Sure. Happy to be here with this great panel.
00:56So I'm an investment partner at Lightspeed,
00:58which is a multi-stage global venture firm,
01:00which means that we invest from pre-seed up to IPO in very ambitious founders.
01:06And I represent the team here in Europe, based out of Paris.
01:09So as my name betrays, I'm French.
01:12And I'm here specifically because I cover most of my topics through the lens of data and machine learning.
01:18So trained as a data scientist and today with a venture hat on,
01:20spending most of my time in data machine learning,
01:23which today, for better or for worse, is AI and Gen.AI as well.
01:26So I'm very happy to be here.
01:28Thank you, Antoine.
01:29Beatrice?
01:30I'm Beatrice Kozovski, French, president of IBM France.
01:35As you know, IBM is a global company.
01:38We are specialized in hybrid cloud and AI and Gen.AI.
01:43And I'm very happy to say that in France, it's been now 110 years.
01:48We are celebrating that this year.
01:50and we are ready for a new century with our clients,
01:54with a special focus, of course, on innovation and Gen.AI.
01:59Excellent.
02:00And last but not least, Jonas.
02:02I'm Jonas Androulis, founder, CEO, Aleph Alpha, serial entrepreneur, ex-Apple AI R&D.
02:08Excellent.
02:09So we've got some different perspectives coming in.
02:11Startup, 110 years, definitely not a startup.
02:15And the investor view as well.
02:18All right, like any good student,
02:20I'm going to start by interrogating the question that underlies this session.
02:25So the starting position for this session
02:28implies that Europe is behind the US and China
02:32when it comes to innovation around specifically generative AI,
02:36this recent boom in generative AI products and companies that we've seen.
02:39Is that a fair assessment?
02:41Is Europe lagging behind?
02:43Who wants to take it first?
02:45Yeah, I would like to give a perspective
02:47that is positive for Europe
02:50because there is a study from Stanford
02:53that is assessing the level and the progression of adoption of AI
02:58per geography.
03:00And just to share the figures,
03:02at global level,
03:03it moved from 50% to 55%,
03:06so plus five points last year.
03:09Interestingly,
03:10the US moved from 59% to 61%
03:14and Europe from 48% to 57%.
03:17So very close to the level of adoption in the US
03:21and a kind of recovery
03:23with nine points better.
03:25and I believe that with the level of ecosystem we have,
03:29we have some very bright companies in Europe
03:34and so I consider if we continue to encourage the ecosystem,
03:39we have a chance really to be very well positioned.
03:42Okay, so the adoption is there,
03:44clearly the interest is there.
03:46What about the actual development,
03:48the creation of these companies and products?
03:50Antoine, what are you seeing?
03:51So while I agree with the enthusiasm around the European ecosystem,
03:56what I'll say is that if you look at it at the earliest stage,
03:59in terms of what are the raw ingredients to have a successful ecosystem,
04:02I'd say you should think about talent.
04:05So the talent flywheel,
04:07are people actually,
04:08do they have the culture
04:09and do they have the technical talent to go on that journey?
04:11Do they have the capital
04:13and is there a regulatory or political landscape that is favourable to this?
04:17And if we compare to the US and China, as you've mentioned,
04:22I think that from an investment standpoint,
04:25while we historically had some catching up to do,
04:28the financial ecosystem today ready to fund exciting and ambitious businesses
04:32is present, so we have that.
04:34I think from a talent perspective,
04:36it's been better than it's ever been.
04:38I previously worked at Dataiku,
04:40which is a data science platform based out of Paris in New York.
04:43A lot of the recruitments that we had to do at the time
04:45were in part on the East Coast for commercial talent
04:49because there weren't that many folks that we could pick and hire at scale in Europe.
04:53That is changing and we're having this new generation of both the researchers,
04:58but also senior operators in startups that are getting on that journey.
05:02So relative to the US, we're probably lagging behind a bit in terms of that flywheel,
05:07but it's accelerating and it's better than it's ever been.
05:10Jonas, do you agree with that assessment?
05:12Yeah, absolutely.
05:14A story like ours and many other companies would not have been possible 10 years ago.
05:20When I started this company, people told me that everything I'm trying to do will be impossible,
05:25like building your own data center, doing deep core, like deep tech AI R&D out of Germany,
05:32funding with like European investors.
05:35And we were able to do all that and there's other great companies that are doing similar things.
05:39So certainly we are learning, this ecosystem is developing,
05:43but of course we are one or two generations behind the learnings that the US has done.
05:50So still behind, but hopefully picking up speed.
05:53Now where Europe does seem to be ahead is obviously in the regulation space.
05:57There's been a lot of attention on things like the AI Act really taking the forefront globally on trying to
06:04regulate AI.
06:05How has that impacted innovation in the space in Europe?
06:10Has it had a positive effect? A negative effect? Both? Jonas?
06:17Strong negative.
06:18Oh dear. Okay, do tell us more.
06:20I'm in the German Association for Digital Enterprises, Bitkom, under the presidency.
06:28And what I've witnessed there with all the industry giants,
06:32with all the great companies that we have in Germany is that for the whole duration of the kind of
06:39existential panic
06:40and regulatory shenanigans, the focus was on compliance.
06:45So a lot of the creative energy, a lot of the resources and the AI leadership was focused on compliance.
06:52And I believe we would have been in a much better place if we would have focused that creative energy
06:58on innovation first
06:59and then compliance second.
07:02Okay.
07:03I think we can find a balance and this is our position.
07:07In fact, we've contributed a lot to the work effort on the AI Act in Europe
07:14because we believe it's important to govern.
07:16And of course, we want to promote innovation and open innovation for sure.
07:22but we also believe that there is a beauty also on giving a framework.
07:27I think it goes with also the investments.
07:32Something that President Macron said yesterday evening caught my attention where he said,
07:36Europe should not be the most regulated region with the lowest level of investment, of course.
07:43So, of course, we need to ensure that we also unlock innovation with many things, including the funding.
07:50And it's interesting also because we had a lot of discussions with the CEOs around the European AI Act
07:58and 50% of them, of the CEOs, said that because of this framework, this was increasing their willingness to
08:07invest in AI.
08:09And 81% saying it will keep the same or accelerate the pace of adoption in their organization.
08:18I hope it's true and we are ready to accompany them and transition them to getting the value from AI.
08:26So, maybe I'll take the counterpoint of that because I'm not in those rooms with those CEOs at least.
08:33Because my sentiment is a bit in the middle.
08:35What I mean is that from a regulatory standpoint, there's been a lot of discussion about how, specifically from politicians,
08:42there's been increased visibility and increased clarity thanks to the EU AI Act.
08:47And my sentiment, at least speaking with founders that are at the startup stage and growth stages,
08:51is that it hasn't brought the stability that's been put forth, in part because certain segments of the EU AI
08:58Act are still very blurry and remain to be addressed.
09:01And so, while some areas have indeed brought a certain direction, there's still a lot of discussion to be had
09:06and it doesn't bring the clarity that had been touted.
09:08And then a more, perhaps, meta point or philosophical point on innovation and regulation is that I think that technology
09:16is a compounding force
09:17and a lot of what we have today as technologies and we speak as individual technologies are the sum of
09:22its parts of previous innovations.
09:24And if you think about it as a curve, it's a bit sinusoidal.
09:26It's that gradually it becomes a stronger force for good and it becomes a stronger force for bad.
09:31And from a regulatory perspective, I think you have to set a floor so that you're able to mitigate the
09:36bad.
09:37And that piece, and that's where a lot of the discussions were taking place, is that how do we adjust
09:42this lower bound?
09:43And a lot of the lower bound conversations were indeed around existential risk at the time when the EU AI
09:48Act was taking place.
09:49And I do agree with Jonas that had we had this conversation six months later or six months prior,
09:54we probably wouldn't have been having the same conversations around that lower bound,
09:57because today if you survey a lot of the companies that are leveraging generative AI in here that are here
10:02at VivaTech,
10:03most of them are focusing on putting things into production and less so about the existential risk associated with it.
10:09What we like in fact in that regulation is the high risk based kind of approach,
10:16because typically to order the best pizza from a menu versus a use case in a nuclear industry, we don't
10:25have the same impact, of course.
10:27So that's why we believe it's important to differentiate.
10:30Now, of course, we need to focus on the key success factors to encourage the adoption and also to encourage
10:38all the European companies to develop solutions.
10:41Jonas, I'm interested in digging into your experience a bit more as an AI founder.
10:48So you said, you know, while the AI Act and everything was happening, people were too focused on compliance.
10:53It was taking up resources, taking up time. What about now?
10:57Do you think that having this regulation in place is still hampering innovation or what's your experience?
11:04So you may remember there was kind of this moment right before the final kind of voting where people thought
11:13it might fail.
11:15And we came out very strongly and said, don't let it fail.
11:19The result we have is not horrible.
11:22We had some drafts in between that were truly horrible.
11:26And so the result we have is fine.
11:28But to your point, Antoine, there's still open questions like they're still on like so much work to be done.
11:36And the whole standard, it'll be years until we have like an established mechanism through the standardization body.
11:43So it's far from over.
11:45And there's only one way to have a sustainable long term existence or value.
11:54And that is by business success.
11:57You cannot regulate yourself into technological sovereignty.
12:01And the window in time to create new businesses is closing.
12:08This technology, we now have the smartest people in the whole world with basically unlimited budget focusing on this technology.
12:19And they're moving fast and they're trying to capture the market.
12:22We cannot afford to be slow.
12:25We cannot afford to kind of not rise up to the occasion and kind of get into a competition with
12:34some of the smartest people in the world.
12:36If we miss that opportunity, then we may again in a few years say, oh, well, then Europe has no
12:42semiconductors.
12:43Oh, well, it has no social network.
12:45Oh, well, it has no electric car company.
12:48Oh, well, right.
12:49And we can play this game.
12:50But this technology really is not just one industry.
12:54It's not just one vertical.
12:56This is a general purpose technology that goes through all the verticals.
12:59This is like a foundational technology.
13:02Let's talk about that word you brought up there, which is in the title of this session, sovereignty.
13:09What do we actually mean by sovereignty in the context of AI?
13:13Is it important?
13:15And if so, why is it important?
13:19So on the sovereignty piece, I think there's different levels that you need to look at it.
13:23There's the national and the supranational levels, so on the European side.
13:27And I feel there's one piece which is around strategic autonomy.
13:31And when you think about strategic autonomy as a term in Europe, it's often used as making sure that we
13:36don't have too much of a strong reliance on our commercial partners,
13:39in which case here speaking essentially about the United States.
13:43And so the sovereignty topic is about making sure that we have an alternative and a credible alternative on our
13:49turf that's able to support the technological advantages that we want to build.
13:54And then here, that's maybe just a broader observation around the European constructs.
13:58But one of the challenges, which is also a bit by design, is that when it comes to investing in
14:02innovation, every single country,
14:04and I don't know how many nationalities are here, but every single country wants to have innovation on their home
14:08turf and agrees with innovation.
14:10So when it comes about sharing the pie and sharing the investments, we're not able as easily as a country
14:16like China,
14:17or a country like the United States, to surface those technological giants with massive investments on a few of them.
14:25Of course, we fully understand and respect sovereignty, but the way we look at it is beyond the pure political
14:33or capitalistic angle.
14:35We care and focus a lot on every client or every organization's sovereignty.
14:41And then, for us, this means something different, because it's about freedom of choice, reversibility, portability, and getting the value,
14:51and also collaboration.
14:52Just to give an example, we announced one month ago, collaboration and joint research to develop a foundation model with
15:01the Spanish government in AI,
15:04because there are multiple countries that care about different nuances of Spanish for foundation models.
15:10And I consider it's a great, great story, because we are an American company, but in Europe since so many
15:19years, and we care about this collaboration.
15:22And I think there is a way for Spain to get some sovereignty from that.
15:28Now, so for us, the answer to that is really with promoting very open architecture.
15:35That's the reason why we made the acquisition of Red Hat with Red Hat OpenShift.
15:39That's why our foundation model have been released also in open source.
15:45We really value a lot this contribution from the community.
15:50And we consider, on our platform, our clients can access our models, models from Meta, models from Mistral.
15:58I know we have a partnership in Germany.
16:00We care a lot about also this choice and freedom of choice also for clients.
16:08Excellent.
16:09Jonas, I think sovereignty is in LF Alpha's mission statement, isn't it?
16:14So sovereignty, first of all, what does it not mean?
16:17It does not mean that we are on our own.
16:21I think we have a lot of great partners and friends.
16:25I think the US and other countries are certainly our friends.
16:29If it wasn't for them, we would all be speaking Russian.
16:33Sovereignty means that the ability to take responsibility for the future.
16:38So the ability to shape the future.
16:40I can only guarantee to the next generations, to people that I feel responsible for,
16:45I can only guarantee if I have the ability to act and to influence the future.
16:50And this means sovereignty.
16:51The strength and the understanding, the strength and the willingness and ability to instill positive change.
16:59And so what do we need to get there?
17:02We've spoken a bit about regulation and how that can, you know, slow things down.
17:06But what are the other challenges that startups or businesses in Europe might face that companies elsewhere don't?
17:14Are there specific challenges?
17:18Well, if we're doing a segue on the regulatory piece, the risk that we face is increased regulatory burden.
17:25So what that means is that if you're competing on a global level, you're not playing on the same turf.
17:31And so it's, I don't think there's, you know, you can make a very long list and we can stay
17:36here for hours talking about the reasons for which businesses can fail.
17:39But essentially, I think most ambitious founders just want to compete on a fair level with their peers and that's
17:44globally as well.
17:44And so if we're able to figure out a way where entrepreneurs feel that there are as many constraints that
17:52are lifted on them while respecting the broader political decisions,
17:56that's something that we are favorable to as investors because we get the stability of a political regime with the
18:02innovation that's unleashed from the entrepreneurial drives of individuals.
18:06How do we do that? Who needs to do what to create that situation?
18:10Frankly, I think it's very simple. It's product market fit. People need to sell solutions that people want and that's
18:16it.
18:17It's not a question of regulation. Innovation will happen whether there is regulation or whether there isn't.
18:23It's just how exponential do you get it to become.
18:26And so I generally don't think there's that many things is when you think about unlocking success.
18:31And that's what we speak about with the entrepreneurs all the time is if you're able to sell something and
18:35you're able to create value and capture part of that value,
18:38you're probably on the right track.
18:40Jonas, what would you like to see? What would make your life easier?
18:43Build cool things.
18:45So on an entrepreneurial level, but also for these enterprises, there is maybe the sentiment, at least in Germany, is
18:54a little bit more risk averse.
18:57And I think this is dangerous because if you're too slow, then the trainer may have already departed the station
19:04once you figure out what you want to do.
19:06And so from the government, from the industry side, also from civil society, be courageous.
19:12Have a vision, a positive, valuable vision to fight for and then take steps and build towards that vision and
19:20not be on the defensive and not be kind of...
19:23And the regulatory is always like a little bit on the offensive and we need that, right?
19:27We cannot just have full guns blazing into all directions, but we will only create sustainable value if we build
19:37it ourselves.
19:40And maybe just one point to add on this is also that when it comes to innovation, because you mentioned
19:45culture,
19:45I think there is something to be said as we're speaking about the global perspectives as well on the differences
19:50between, for example, the US culture and the European culture.
19:54Tom Blomfield, the founder of GoCardless and Monzo, was sharing just yesterday a study which was showing that the top
20:00undergraduate students in the US were creating companies at 5x the rate of the top British undergraduates.
20:08And that isn't just a question of having a startup incubator.
20:11That is a question of having a culture of risk where when you are a smart student and you have
20:16an entrepreneurial drive, you're not thinking about going to McKinsey, but you're rather thinking about starting your own business.
20:21One of the highest ranked professional goals for German people coming out of school is civil servant.
20:34You said that with a smirk.
20:36Well, I mean, that's a good job to have.
20:38But if we are all just a country of civil servants, who's going to create the value?
20:44Beatrice, obviously IBM is a massive global company, but you're president in France.
20:50Do you notice any difference between your experience in France and Europe compared to, say, your US colleagues?
20:56Well, in fact, not really, because we see the same traction.
21:01We announced globally 1 billion already generated from the generative AI since second half of last year.
21:08And for France, I feel confident that we will deliver against the targets.
21:14What I think is really important is for us to address the challenges that we see clients facing and, you
21:23know, driving them sometimes to give up.
21:25It's around the data quality. It's around risk control and being insufficient or unclear business value.
21:35And I think this focus on the use cases and how you can really get value from that is an
21:41important piece of the work.
21:43And at the end of the day, we really want to help clients moving from the experimentation to the scale.
21:49And that's the way we are addressing it.
21:52I have an example that I like.
21:54And for those who want to go to our boat, you will see.
21:57It's with a startup that is called Ives and an integrator that is Soprasteria, a sign bot.
22:05So for deaf people or people that cannot really hear well, 5% of the population globally.
22:11So there is really something strong to be done to help here.
22:18And so typically that's the question of, so with our platform in collaboration, we have now this sign bot that
22:25is available.
22:26And what will be pretty important is how we help them to scale.
22:30So that's really what we are focusing on.
22:33And the other dimension is about the governance.
22:35So governance is not necessarily the regulation.
22:38Of course, there is the compliance to the EU Act.
22:41But it's more about explicability, transparency, robustness of the model, and the copyright, you know, being satisfied, etc.
22:53So because what we see is that the companies have a bit of a difficulty to control the different initiatives.
23:01And so it's interesting to give them a kind of a control tower on how they can make sure that
23:07they get the value and they don't expose their reputation in doing that.
23:12Which interestingly, the points that you're bringing up around control, governance, explainability are all elements that in the EU AI
23:20Act today are not very clear.
23:22And so to a certain degree, it gives a business opportunity to businesses, startups, but also IBM to be able
23:27to foot that bill and come and propose something else, an alternative that people feel comfortable using.
23:34I think we should address maybe a bit of the elephant in the room here.
23:39We've been talking about the need for speed and for, you know, European startups to really keep going and try
23:44and catch up.
23:45Like we're trailing behind, we need to get there. To borrow your metaphor, Jonas, has the train already left the
23:52station? Are we just too late?
23:55We've got obviously, you know, you're up against the massive tech giants in Silicon Valley, plus a few big names
24:02in the US and China that are already kind of really owning the generative AI space.
24:06Is it too late to really compete? Have we got chance?
24:11So the good news is that what some people have argued for, that if we just throw tens of thousands
24:22of GPUs against the wall,
24:25then eventually we'll have super intelligence and it'll have a consciousness and reasoning capabilities, has turned out to be mostly
24:34not true.
24:34So there's been a lot of capital that has been somewhat lit on fire in that pursuit.
24:43And so the value is not clear where it is.
24:47There's a lot of like sobering up where people are now realizing that a chatbot that's writing a poem for
24:54your mother's birthday is questionable in its ability to capture value.
24:59And so this is where Europe can shine.
25:02We have some companies that have an incredibly sophisticated knowledge and data and expertise and some of them we're working
25:12with.
25:12And when you look at the price earnings ratio on the stock market, the stock market is expecting that most
25:21of the new value created by this industrial revolution will go to tech.
25:27And what I'm trying to change is that, sure, some should go to tech because we are tech as well,
25:32but I think also some should go to finance and some should go to manufacturing or to utilities.
25:40And so basically empowering these enterprises to take control and take sovereignty of this value creation themselves and not give
25:49away all the power and all the data and all their expertise and then have eventually all the value be
25:55in some behind some black box in some proprietary cloud.
25:59So you think that it's a good strategy to focus in on particular applications?
26:04Exactly. And this is just getting started. Like, I mean, we now have this kind of hype explosion. There's a
26:08little bit of sobering up happening, but the deep value capture in those industries is just getting started.
26:16Antoine, where are you seeing the opportunities as an investor?
26:20It's a bit the sum of all the things that we've been discussing. So we talked about funding, we talked
26:24about talent, we talked about regulation, we talked about culture.
26:28What I might add is the data piece. And so here, you know, I think that, and that's what I
26:33mentioned to you just before, is that I think to a certain extent in Europe, we have to be careful
26:36with not drinking the US Kool-Aid of,
26:37Oh, Europe is this place that just constantly regulates and then the US is this fabulous land where everyone innovates.
26:44It's a false dichotomy. You can have the two. I agree that I firmly sit on the camp of innovation
26:49first and then regulation, but that's a topic for another panel probably.
26:53And so when it goes back to all the elements we've described, the data piece remains one big element that
26:59we need to do some catching up on.
27:00Unfortunately, in Europe, we don't yet have the tech industry that the US has, that China has.
27:05And so we're not able to find as easily data sources or people that have worked and, you know, really
27:10wrestled with those data sources at such scale to create the data sets that tomorrow will be a competitive mode.
27:16So that's, I guess, the observation. But generally speaking, I think we can be optimistic about the ambition and let's
27:23just stop lowering ourselves every time saying,
27:25Oh, we're behind, we're behind. Let's just play catching up and we'll see at the end of the race where
27:29we land.
27:31I share the positive view. I would like to come back on the skills, the talent you both alluded on
27:37that, because we really need to accelerate.
27:41If I take the example of France, today we have 85,000 jobs not staffed and the projection is that
27:48it will, as a minimum, double.
27:50So this means that we need to have, here again, a program at scale, beat with really accelerating in a
27:59very significant way the young kids' education and also reconversion, reconversion of talents.
28:07And the second dimension, and it also goes with Europe, it's about the diversity of these talents and the leadership
28:14in AI.
28:15I'm not saying that because I am a woman, but we've made a study and it's very important that we
28:23have parity and a good representation of this diversity and inclusion.
28:27Otherwise, the output of AI will be biased and we need to share the opportunity for everybody.
28:35The figures are that currently, when we look at the leadership jobs in AI, in Europe, it's 32% with
28:44women and in France, 10 points below, 22%.
28:48So pretty worrying. And also the level of confidence that they can deal with a new era of AI.
28:54Women are 26% confident, while male, 49%. So this means that we really need to work on preparing, educating,
29:06giving confidence and ensuring that we have this diversity of profiles because we are in a very innovative space.
29:14And to be very creative. We need to have this diversity of profile and contributions.
29:21Excellent. And we've got just a few minutes left. So I'm going to open it up to questions from the
29:25audience if anyone has one.
29:29Put up your hands if you'd like to ask a question to any or all of our panelists.
29:37Otherwise, I will just keep talking and that's fine as well. Don't be shy.
29:43All right. Well, then let's end on some maybe concrete solutions to getting us to the place that we want
29:49to be.
29:50Really kind of putting up a competition to the big companies in the US and China that are maybe leading
29:57this space at the moment.
29:58What's one change that you'd like to see? It could be on the regulatory front or something else that you
30:05think would help Europe become a real main competitor.
30:08Jonas, this is your chance to tell the regulators what they need to do with that AI act.
30:16Focus on... I think what we are somewhat lacking is a strong vision for the future.
30:24And this goes to industry policy. This goes for everything really. Develop a strong vision and a vision that is
30:34driven by the ability to build and the ability to shape.
30:38And then move towards that vision. Let's have a strong powerful vision where Europe can go and will go.
30:46And then we can all unite behind that vision and fight for that.
30:50So we need a vision of Europe as an AI innovator, not just AI regulator.
30:55Yes, we cannot just... I mean, this doesn't work.
30:59Maybe this... If you have no economic knowledge or little economic experience, you may think that the future can just
31:05be built out of regulation.
31:07But of course, we all know this will not work, right?
31:10There's some regulation that we need, but the future will be built out of value creation, out of economic activity.
31:18Beatrice?
31:19I would vote for, you know, accelerating on the conditions of attractiveness for international investments.
31:27Last week, we had Choose France. That is an example in Europe, how you can make it easy and attractive
31:34for, you know, attracting international investments.
31:37And for me, it's helpful because it motivates my corporation to invest in France, so in Europe, which we are
31:46doing.
31:46And I'm very pleased that at the end of the day, now we have an R&D team that is
31:50significant, developing an important portion of our generative AI platform, Watsonix.
31:57So I'm proud, you know, to be in France and to say it's French researchers that have contributed to it.
32:03And I think the expected outcome is really to be much stronger in these cooperation models.
32:12We also see that in the quantum space that is very demanding. Nobody can succeed alone.
32:19So that's why I'm really pushing for supporting the local companies and in parallel building trusted models of a corporation.
32:30Excellent. Antoine, the last word.
32:33Standardization. If we want to compete against some of the largest economies, we also need to think about standardizing our
32:40economy across the European Union.
32:42You can't have a notary appointment when you're signing term sheets in person in Germany and then have a different
32:49structure in France and have a different structure in Lithuania.
32:52Let's work on harmonizing this. And it applies both in terms of the political initiatives and planification, which was a
32:58bit what you were alluding to.
33:00Because on one hand, we need this fast-paced innovation, but we need the long-term stability of a stable
33:05direction.
33:06So I think standardization goes a long way in that sense.
33:10Excellent. We're on time. So all that's left for me to do is thank our panelists very much for sharing
33:17their perspectives with us today.
33:19And to thank you all for joining us. Thanks very much.
33:22Thanks.
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