Barcelona's Weekly Tech Update

By Scott From Barcinno • Issue #511

Barcinno Media
March 18, 2024

Hello and happy Monday,

This week’s main headlines:

EU passes landmark AI regulations 👩‍⚖️
Leo DiCaprio invests in BCN‘s SolarMente 🎬
BCN FinTech in the FT 🎉

EU AI law finally passed 🤖

The EU Parliament just made a move into the future with its first big act to regulate AI, finally passed last Wednesday (13 March). The bill received 523 votes in favor, 46 against, and 49 not cast.

📜 The legislation includes outright bans for items such as “the untargeted scraping of facial images from the internet or CCTV footage to create facial-recognition databases”, AI that “manipulates human behavior or exploits people’s vulnerabilities”, and AI “motion recognition” in schools or workplaces.

But it isn't just about keeping the robots in check; it's about making sure innovation and ethics go hand in hand. Turning these ambitious plans into real-life action by 2025 is the next big hurdle—and not everyone’s on board just yet. Some worry that tight rules might slow down Europe’s sprint in the global tech race (timely, as US startup Cognition just introduced Devin, the ‘first AI software engineer’). And that’s with the EU already behind the US and China.

What does it mean for the average person? It’s about making sure the AI in our lives—from the apps on our phones to the way companies do business—is used in a way that's safe, fair, and respects our privacy. And with the EU leading the charge, the rest of the world might follow suit.

For businesses and AI founders, there’s lots to consider too. More regulation means more work and costs to be compliant. But it can also open opportunities, e.g. will there be a new market developing for EU-law-compliant AI solutions? Could being compliant in the EU actually be an advantage from a branding perspective (more trust)? From an ethics perspective, it’s probably good news. But what is the impact on the EU AI ecosystem?

📊 What do you think?