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European Commission Pledges €4 Billion to Propel AI Innovation Among Startups and SMEs

In a strategic initiative to advance Artificial Intelligence (AI) capabilities, the European Commission has rolled out an extensive support package tailored for European startups and Small and Medium Enterprises (SMEs).

Date: 29. 01. 2024

This announcement comes on the heels of the political consensus reached in December 2023 regarding the EU AI Act, a groundbreaking legislation that aims to be the world's first comprehensive law governing AI, thereby encouraging the growth, deployment, and integration of reliable AI across the European Union.

Emphasizing the Commission's dedication, President von der Leyen, in her 2023 State of the Union address, revealed an ambitious initiative to make Europe's supercomputers accessible to innovative AI startups for the training of trustworthy AI models. A precursor to today's announcement was the launch of the Large AI Grand Challenge in November 2023, providing AI startups with both financial support and access to supercomputing resources.

Today's announcement actualizes President von der Leyen's vision, unveiling a series of measures designed to bolster AI innovation. A cornerstone of this initiative is the proposition to offer AI startups and the wider innovation community preferential access to supercomputers. The package is multifaceted and includes:

AMENDMENT OF THE EUROHPC REGULATION

This introduces AI Factories as a novel component of the EU's supercomputers Joint Undertaking. It covers the acquisition and management of AI-dedicated supercomputers, broadens access to these resources for a diverse group of users, and provides a comprehensive suite of services to support AI startups in the areas of algorithmic development, testing, and validation.

CREATION OF AN AI OFFICE WITHIN THE COMMISSION

This office will spearhead the development and coordination of AI policy at the European level and oversee the enforcement of the AI Act.

EU AI START-UP AND INNOVATION COMMUNICATION

This communication delineates additional measures, including:

  • Financial support from the Commission through Horizon Europe and the Digital Europe programme, specifically targeting generative AI, with a projected public and private investment totalling around €4 billion until 2027.
  • Initiatives aimed at strengthening the EU's generative AI talent pool via educational and professional development programs.
  • Strategies to amplify both public and private investments in AI startups and scale-ups.
  • Measures to expedite the development and deployment of Common European Data Spaces, crucial for the AI community to refine their models.

ESTABLISHMENT OF TWO EUROPEAN DIGITAL INFRASTRUCTURE CONSORTIUMS (EDICS)

These consortiums, namely the ‘Alliance for Language Technologies' (ALT-EDIC) and the ‘CitiVERSE' EDIC, are set to pioneer language technologies and develop Local Digital Twins for Smart Communities, respectively, leveraging advanced AI tools.

NEXT STEPS

The European Parliament and the Council are now tasked with reviewing the proposed amendments to the Regulation establishing the European High Performance Computing Joint Undertaking. Upon its establishment, the AI Office is expected to become a central hub for coordinating AI policy at the EU level, overseeing the AI Act's implementation and the governance of general-purpose AI models and systems.

In a landscape where AI is rapidly evolving, securing the right funding can be a game-changer for organizations at the forefront of this technological revolution. If your organization is pioneering AI technologies and looking to harness the potential of EU funding, we are here to guide you through the process. With a deep understanding of the intricacies involved in obtaining EU support and a track record of facilitating successful funding acquisitions, our team at Tiko Pro is committed to turning your innovative ideas into reality. Reach out to us on info@tiko-pro.eu and let's embark on this journey together!

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