Saturday, November 23, 2024

Government funding supports innovators in navigating regulations

The AI and Digital Hub, introduced by the Department of Science, Technology, and Innovation (DSIT), aims to connect AI and digital innovators with regulators. With nearly £2m in government funding, the initiative provides innovators with informal advice to help them navigate regulatory requirements. Regulators such as the CMA, FCA, ICO, and Ofcom are offering guidance through the Digital Regulation Cooperation Forum (DRCF).

The government believes that the DRCF AI and Digital Hub will simplify the process for businesses to comply with regulations, allowing them to focus on developing new products. Over the course of 12 months, the hub will also allow regulators to gather feedback from innovators to improve their regulatory frameworks for AI models and enhance the UK’s regulatory approach.

Secretary of State Michelle Donelan emphasized the importance of AI in driving innovation and productivity, stating that the AI and Digital Hub will facilitate collaboration between innovators and regulators to unlock the technology’s potential. The DRCF’s recent research highlighted the need for a collaborative approach to support AI and digital innovators facing challenges across multiple regulatory bodies.

CEO Kate Jones expressed the hub’s role in providing regulatory clarity to innovators and encouraging them to take advantage of the pilot scheme. Through the AI and Digital Innovation Hub, the DRCF aims to offer a clear path for innovators seeking guidance on cross-regulator challenges.