AIFA comments on UK spring budget & AI @ startups.co.uk, UKTN and Startups Magazine
AIFA’s views on what the UK’s spring budget means and can mean for AI startups were recently published in startups.co.uk, Startups Magazine and UKTN.
https://startups.co.uk/news/spring-budget-business-demands/
“Support early-stage AI startups”
“Government support for early-stage and scaling AI startups, which have historically led the charge on AI and have the potential to truly revolutionise the UK's economy, is crucial. Three areas stand out where the government can help."
“Make it easier and more cost-effective for private investors to invest in early stage and scaling AI startups. The R&D tax credit process, recently fraught with difficulties, must be optimised. Finally, due to the regulatory uncertainty still prevalent in the space, the government should think about offering free support to navigate legal and ethical complexities to startups seeking to build a sustainable future in the space.”
- Dr Roeland Decorte - AIFA president
https://startupsmagazine.co.uk/article-spring-budget-2024-mixed-reactions-industry
"The government's commitment to making the UK the world’s next Silicon Valley remains encouraging.
While the UK’s tech ecosystem is ahead of the rest of Europe, more needs to be done to attract private investment into early-stage and growing AI startups, so I am pleased the slated increase of the angel investor threshold has been cancelled.
The R&D tax credit process, recently fraught with difficulties, must be optimised yet was noticeably absent in the Chancellor’s speech.
There was also very little for AI companies grappling with ongoing regulatory uncertainties. Free support for navigating legal and ethical complexities would empower startups to build a sustainable future in this space, and help establish an internally consistent economy in which competitive AI startups can thrive.”
https://www.uktech.news/news/government-and-policy/uk-tech-spring-budget-wish-list-2024-20240304
"We encourage the government to, in their AI strategy, focus on supporting early-stage and scaling startups, which historically have led the charge on AI and have the potential to truly revolutionise the UK's economy.
Three areas stand out where the government can help. Make it easier and more cost-effective for private investors to invest in early stage and scaling AI startups. The R&D tax credit process, recently fraught with difficulties, must be optimised. Finally, due to the regulatory uncertainty still prevalent in the space, the government should consider offering free support navigating legal and ethical complexities to startups seeking to build a sustainable future in the space.
More than past direct grants or research investments, such measures can contribute to the creation of a consistent and healthy economy in which competitive AI startups can thrive."
