AI’s Refresh Start: Stifling Innovation with Regulation?

Table of Contents

• This Week's BIG thing

• Tip of the Week

• What's new: Projects

• What's new: Tech

• What's new: Productivity

• Project Flux Podcast

• About Project Flux

This Week’s BIG thing

A deep dive into the new UK governments plan for AI.

Since coming into power, the new Labour government has been tasked with leading on the UK’s position within artificial intelligence (AI).

In carefully becoming one of the central players in AI development under the conservative government’s pro-innovation approach, eyes are now on Labour to solidify this position or fall to the periphery. We believe the key to answering this is in how or if Labour will find a balance between innovation and regulation. Let’s look at their approach…

Stricter AI regulations

In summary, Labour are likely to deploy a tighter more regulated approach to AI development than the previous Tory government. Whilst potentially safer, introducing more red tape carries the risk of stifling innovation and adding friction to AI adoption. If Labour go too heavy, it could make the UK a less attractive prospect for AI-focused businesses.

This approach however does more closely align with the EU’s even stricter approach which may improve cooperation and collaboration at a regional level. Let’s compare to get a better idea of the new governments’ strategy for AI.

A comparison between Labour, EU and the Conservatives

Are Labour delivering?

The recent King’s Speech reiterated Labour’s heavier hand on AI stating that the government will "seek to establish the appropriate legislation to place requirements on those working to develop the most powerful artificial intelligence models”. This suggests a more targeted approach to regulation. We’ll be following closely on how this plays out across the next few weeks!

🔗 Sources

https://www.ropesgray.com/en/insights/viewpoints/102jc9k/labour-victory-the-implications-for-data-protection-ai-and-digital-regulation-i 

https://www.europarl.europa.eu/news/en/press-room/20240308IPR19015/artificial-intelligence-act-meps-adopt-landmark-law 

https://www.dechert.com/knowledge/onpoint/2024/7/a-new-uk-labour-government--a-fresh-approach-to-ai-regulation.html

https://time.com/6997876/uk-labour-ai-kyle-starmer/

Tip of the Week

The European Union has unveiled the rollout schedule for its AI Act, marking August 1, 2024, as its effective date. Key deadlines include banning certain biometric AI applications by February 2025 and providing compliance codes by May 2025. High-risk AI systems must meet additional requirements by August 2027. Hefty fines await non-compliant AI practices. The Act aims to regulate AI use, especially in sensitive areas like biometric identification​ (Biometric Update)​.

For more detailed insights, Deloitte offers a deep dive into the EU AI Act, discussing its implications and preparation strategies for businesses. Read more on LinkedIn.

What’s new: Projects

Buildots, an AI-driven construction technology company, has secured a significant investment from top-tier venture capital firms. This funding is set to enhance the development and deployment of Buildots' cutting-edge project management platform, which utilises AI and advanced data analytics to offer real-time insights and automation, ensuring construction projects stay on schedule and within budget.

Key Highlights:

• Investment Purpose: To accelerate technology refinement and market expansion.

• Technological Edge: AI-driven insights for enhanced productivity and efficiency.

• Market Impact: Significant potential to revolutionise construction management.

Benefits for Construction Managers:

• Real-time Data: Continuous site data analysis for proactive management.

• Automation: Streamlined processes reducing manual oversight.

• Cost Efficiency: Improved budget adherence through predictive analytics.

For more information, visit Buildots' website and check the full details on the LinkedIn post.

💙 Other project news we’re loving

• AI can help plan your summer holidays efficiently and safely. Explore how to use AI for travel planning in this MIT Technology Review article.

• The article "What Really Goes On Behind The Scenes Of Your Daily Uber Rides" by GenAI Works explores the sophisticated AI and data management systems that power Uber's operations. Key aspects include the use of machine learning to optimise route efficiency, dynamic pricing algorithms, and real-time data analytics for enhancing user experience. The piece also delves into the importance of data quality, tiering, and comprehensive metadata cataloguing to ensure accurate decision-making and improve operational transparency​ (Uber)​.

What’s new: Tech

There is an ever-increasing list of AI-startups, so which 3 companies are capturing attention the quickest?

 Here’s the top 3 ranked by 5-year search growth:

1. Luxonis 9,800% 🔥

Luxonis makes advanced AI and computer vision tools. They offer three main products: OAK Cameras, OAK Modules, and RobotHub, with the Oak-D Robotics Camera being very popular.

RobotHub lets users connect their cameras, check on them remotely, manage apps, live stream, and use built-in development tools. Luxonis serves over 25,000 customers and has over 1 million downloads worldwide.

2. Roboflow 9,700% 🔥

Roboflow makes computer vision easy for developers of all skill levels. Their platform simplifies building and deploying computer vision models, providing tools for annotating, training, and improving datasets, and integrating them into applications. Roboflow’s mission is to make computer vision accessible to everyone. They have over 250,000 users, including many Fortune 100 companies.

 3. Edge impulse 9,500% 🔥

Edge Impulse is a platform that helps developers use machine learning on edge devices. They offer easy-to-use tools and automation for training, deploying, and optimising deep learning models with TensorFlow. In 2022, Edge Impulse had a record year with 60,000 developers, 140,000 machine learning projects, and 115 million data samples.

What does this mean for AI?

• Computer vision and edge AI technologies are facing rapid adoption

• Lower barriers for AI development means it’s easier to build and deploy AI solutions

• Dedicated AI platforms and ecosystems are popular

• Growing intersection of AI and robotics

 For reference, OpenAI in the last 5 years has had a search growth of 5,800% and perplexity 9,200%. This shows the staggering climb of these promising AI companies.

🔗 Sources

Full list of 60 fastest growing AI companies here

Luxonis

Roboflow

Edge Impulse

💙 Other Tech news we’re loving

OpenAI Enterprise Updates

OpenAI introduces new tools for ChatGPT Enterprise, enhancing compliance and administrative capabilities. This update benefits businesses by providing robust AI solutions while maintaining data security. Learn more about these advancements in their official announcement. Additionally, explore AI training ethics discussed by Proof News here and OpenAI's LinkedIn post here.

OpenAI's GPT-4o Mini: A New Era in Cost-Efficient AI

OpenAI introduces GPT-4o Mini, a more affordable and smarter AI model designed for cost-efficient intelligence. This breakthrough promises enhanced capabilities for businesses. Discover more in their official release, The Verge's coverage here, Simon Willison's analysis here, and AI Tool Report's insights here.

Meta's Fight with the EU

Meta faces challenges from the EU over its plans for future multimodal AI models, focusing on compliance and regulatory hurdles. Discover more details in Axios's article here. Additionally, OpenAI's advancements in AI capabilities are discussed by Engadget here.

OpenAI's Codename Strawberry: Advancing AI Capabilities

OpenAI's secret project, codenamed Strawberry, focuses on developing advanced AI models with enhanced reasoning and research capabilities. This initiative aims to push the boundaries of AI technology. Learn more from Engadget's coverage here and details from AI Tool Report here.

What’s new: Productivity

Microsoft’s Upcoming Spreadsheet LLM: Revolutionising Data Analysis

Microsoft is set to change spreadsheet usage with its new Large Language Model (LLM) for Excel. This innovative AI-powered tool aims to enhance productivity by automating complex data analysis tasks, making it easier for users to derive insights without deep technical knowledge.

Key Features:

1. Natural Language Processing: Users can interact with spreadsheets using natural language, simplifying data queries and operations.

2. Automated Analysis: The LLM can automatically detect patterns, suggest formulas, and generate visualisations, streamlining data processing.

3. Enhanced Collaboration: Facilitates collaborative work by providing real-time suggestions and corrections, improving team efficiency.

Benefits:

• User-Friendly: Reduces the learning curve for non-experts, allowing them to leverage advanced data functionalities effortlessly.

• Time-Saving: Automates repetitive tasks, freeing up time for strategic decision-making.

• Improved Accuracy: Minimises human error in data handling through AI-driven precision.

Industry Impact:

Microsoft’s LLM for spreadsheets is poised to impact various industries significantly:

• Finance: Enhanced financial modelling and forecasting.

• Marketing: Improved data-driven campaign analysis.

• Project Management and Construction: Streamlined reporting and resource allocation.

Challenges:

While promising, the implementation of LLMs in spreadsheets may face challenges such as data privacy concerns and the need for robust training data to ensure accuracy and reliability.

Conclusion:

Microsoft’s Spreadsheet LLM could be a significant leap in AI integration within everyday tools, making advanced data analysis accessible to a broader audience. This innovation aligns with the growing trend of incorporating AI to enhance productivity and decision-making.

For more detailed insights, you can read the articles on The Stack, TechRadar, Axios, and The Register

💙 Other productivity news we’re loving

• EY's latest report discusses how leaders can rethink human intelligence amid advancements in AI. It explores strategies to leverage AI for better decision-making while fostering human creativity and innovation. Read more here.Tom Haley on Intelligent proof reading - https://www.linkedin.com/pulse/intelligent-use-tech-proof-reading-quantik--mc9zc/

• 80% of businesses' AI initiative time is spent on data preparation and cleaning. This underscores the importance of robust data management in successful AI projects. Read more here.

• Bernard Marr's LinkedIn article discusses the hype versus reality of AI and its potential to surpass human intelligence, addressing misconceptions and future implications. Read more here.
  

Project Flux Podcast

Watch our latest podcast episodes 👇

Want to hear us debate the topics covered in the newsletters? Check out our podcast below 👇

🟠 Weekly Pulse: In 🔗 episode 4, James Garner and guest host Dave Officer discuss OpenAI’s roadmap to AGI, the implications of AI reaching higher levels of intelligence, job displacements and market consolidation

🔵 Spotlight: In 🔗 episode 15, James Garner and guest host Dave Officer debate the use of AI in the creative process, specifically in the field of design and illustration.

Meet Project Flux: About Us

At Project Flux, we're committed to pioneering the future of construction and project delivery through the lens of cutting-edge Artificial Intelligence insights. Our vision is to be at the forefront of integrating AI into the fabric of project delivery, transforming how projects are conceptualised, planned, and executed.

Our Mission Project Flux aims to not only inform and educate but also to inspire professionals in the construction industry to embrace the transformative potential of AI. We believe in the power of AI to revolutionise project delivery, making it more efficient, predictive, and adaptable to the dynamic demands of the modern world.

What We Offer Through our insightful newsletters, podcasts and curated content on LinkedIn, and engaging discussions, Project Flux serves as a resource for professionals seeking to stay ahead in their field. We offer a blend of practical advice, thought leadership, and the latest developments in AI and construction technology.

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