Government Launch £2m AI and Innovation Business Advisory Scheme

The UK Government is set to launch a new £2 million funded AI and innovation business advisory to help organisations mitigate AI risks and bring innovations to market quicker.

The scheme will connect businesses with regulators and advisors to offer support for innovative AI and emerging technology solutions to encourage safe innovation, helping to grow the UK economy.

The news comes ahead of the Bletchley Park AI Safety Summit in early November, which will bring together leading nations, organisations and academia to roadmap the future of AI development.

Lennard Kooy, CEO of Storyteq, said: “The world of AI is evolving rapidly and it’s vital that all businesses factor it into their forward-thinking, especially when it comes to marketing operations. As part of this, responsible AI must be central for both businesses and marketers, and it’s great to see the Government playing a role in highlighting the need for awareness around the consequences of the misusing of AI by bringing in regulatory support.”

“Brands are being challenged to produce more content than ever before, piling the pressure on marketers who must also put compliance front of mind, both in terms of brand compliance and regulatory standards when using AI tools. MarTech tools in particular should take a secure approach, affording marketers control of AI in order to secure AI and make it work for them. AI-powered marketing assistants such as BrandCore can empower marketers to meet the growing content demand, producing more assets than ever before, all while utilising deep learning to ensure compliance with brand guidelines.”

The scheme will be run by members of the Digital Regulation Cooperation Forum which consists of the Information Commissioner’s Office, Ofcom, the Competition and Markets Authority and the Financial Conduct Authority.

Steven Mooney, Founder of FundMyPitch, commented: “Support can come in all shapes and sizes for entrepreneurs and it’s fantastic to see the Government rolling out programmes such as AI and innovation guidance that can help to get exciting companies off the ground. In a difficult investment landscape, Government guidance, and support through entrepreneur and investor networks and platforms can help to shape innovative solutions and help early-stage businesses to stand out from the crowd.”

Technology Secretary, Michelle Donelan, said: “Digital technology and artificial intelligence are rapidly evolving, and regulation must keep pace - but we don’t want it to be at the expense of stifling the launch of new innovations that can improve our everyday lives.”

“While safety is at the heart of our approach to regulation here in the UK, this new service will help businesses navigate the process of making sure they are compliant - supporting safe and responsible innovation.”