Britain must avoid a “brain-drain” of its top expertise on artificial intelligence to the US if it is to maintain its position as a world leader in the technology, MPs have warned. A report published on Wednesday by the All Parliamentary Group for AI claimed that the UK has all of the basic elements necessary to compete effectively in a global race to develop AI technology. However, it cited one of the biggest risks was the steady drain of talent to Silicon Valley from Britain's top tech companies and universities. The report outlined the current state of AI expertise in the UK and examined more than 1000 companies involved in the sector. It noted that big advances in AI technology were being made at UK universities such as Oxford and Cambridge, but said there was a disconnect with the UK's ability to commercialise these advances by building large … [Read more...] about Britain’s AI industry must avoid brain-drain to the US, MPs warn
Globalization brain drain and development
Last month I addressed Europe’s startup brain drain to the U.S. and then followed up by profiling the U.K. as an exception to the rule, thanks in no small measure to the rapid ascendancy of London’s thriving venture landscape. I want to continue the series by now offering a close-up on the state of the country’s VR and AR industry. To give you a sense of the scale of its VR/AR ecosystem, PwC UK released an interactive map last year in partnership with Digital Catapult and Immerse UK. It’s an index of startups and companies organized by city and the amount of venture capital they have raised. You can toggle between a range of different metrics like the size of the team, funding received, number of offices, and the age of the company, which allows you to get a nice handle on the landscape. Why the United Kingdom? In fact, as the findings from PwC’s most recent annual Entertainment and Media Outlook indicates, the U.K. is currently the largest market for … [Read more...] about The UK is becoming a global hotbed for VR and AR
The value and potential of the European market In the face of a fragmented and totally disintermediated European market, American and Asian players derive their power from huge domestic markets whilst also attracting investments from major European groups. While European bodies are aware of the problem, at economic, cultural and fiscal levels, they are struggling to reach the same potential in their own market. The only solution for Europe to succeed on such a grand scale is to build on cooperation and collaboration. Europe as a whole has considerable technological advantages. The European Union publishes the largest share of scientific publications in the world (ahead of the United States), but continues to fall behind in many areas including energy, food, health, climate and technology. Difficulty exists in establishing a common policy, harmonising research ambitions and exceeding binding regulatory frameworks. In this context, the risk of a technological relegation … [Read more...] about Cooperation and collaboration, the essential pillars of tomorrow’s Europe
The King called on public authorities and businesses "to drive a new advancement of Spanish science" that would benefit all society. Photo: Gerard Julien/AFP Spain can't afford the luxury of training young researchers who then head overseas with no return in sight, Spain's King Felipe said on Tuesday as he called on the government to prevent the country suffering a "lost generation" of scientists. Accompanied by Queen Letizia, King Felipe told an audience at the 75th anniversary event of Spain's Spanish National Research Council (CSIC) that the country could not afford a "lost generation" of scientists. Such a loss would be "difficult to overcome and incompatible with the needs of a modern state", the monarch said. His words contrasted with those of Spain's Education Minister, José Ignacio Wert, who argued last year during a visit to Germany that Spain's brain drain was "not always a bad thing", and in fact could be "one of the best things" to happen in a … [Read more...] about King speaks out against Spain’s brain drain
Earlier this month, I detailed how the EU is currently losing its best and brightest in a startup brain drain to the U.S. As I explained, EU startups are finding it necessary to look to U.S.-based venture funds for investments but often have to “flip” into subsidiaries of U.S.-based parent companies as a condition of the deal, resulting in a mass migration of EU innovators to the U.S. Europe faces the real danger of blowing its startup moment. But if the EU acts quickly, it can counter that threat by engaging with U.S.-based venture funds that are open and willing to invest in foreign startups without requiring them to flip. What I didn’t detail in that earlier story is that the UK is proving to be an exception to the brain drain trend. Last year the UK’s tech sector hit an all-time high of VC investment, attracting almost double ($4.2 billion) the total amount of venture capital invested in UK firms in 2016 ($2.3 billion). The lion’s share of that … [Read more...] about Why London startups are immune to the EU brain drain to the U.S.