Should AI start-ups be scared of the AI Act? Lessons from the Grand Challenge

What was the University of St.Gallen Grand Challenge on the AI Act?

We were honoured to have representatives of Neur.on, iCoSys and CertX, along with other renowned AI specialists from around the world, take part in The First University of St. Gallen Grand Challenge: The EU AI ACT. During the event, we focused on assessing the compliance of eight advanced AI solutions with the current draft of the AI Act. These solutions covered robotics, process management and NLP analytics. Our diverse team brought together experts in machine learning, law and ISO 27001 certification.

Watch the report on the Swiss national TV news.

Should AI start-ups be scared of the AI Act?

Here are our key takeaways:

• The fundamental principles of the EU AI Act (including human agency and oversight, technical robustness and safety, privacy and data governance, transparency, diversity, non-discrimination and fairness, and social and environmental impact) are well designed, deemed fair and essential for building widespread acceptance of, and trust in, artificial intelligence.
• However, for financially stretched start-ups, complying with the requirements of the AI Act can feel like a sword of Damocles, consuming resources and slowing down development.
• Fortunately, as we observed during the Grand Challenge, one aspect of compliance does not require significant expense yet adds considerable value: AWARENESS of AI risks and a COMPANY CULTURE that prioritises compliance and responsible growth.

Let us work together towards an AI industry that embraces compliance, responsible development and a culture of trust.

Thank you to Thomas Burri for organising such a spectacular challenge, to SRF (Schweizer Radio und Fernsehen) for reporting on the event, and to all our team members: Jean Hennebert, Orane Laeri, Yael Iseli, Arman Iranfar and Marco Repetto Ph. D.