In a landmark development for the tech sector, the European Commission has introduced its AI Innovation Package, marking a significant milestone as the world's first comprehensive regulation on artificial intelligence. Launched in January 2024, this new initiative aims to stimulate AI innovation across Europe by providing targeted support for small and medium-sized enterprises (SMEs) and start-ups.

Focus Group AI explores package benefits

The Joint Focus Group AI, a collaboration between DIGITAL SME and EIT AI Community, recently convened a meeting with European Commission representatives to delve into the details of this groundbreaking package. The discussion centred on the benefits that the AI Innovation Package offers to European AI SMEs and start-ups, with a particular focus on financial backing and resources for companies engaged in Generative AI.

Generative AI takes centre stage

Generative AI, which made headlines globally in 2023, was a key topic of the meeting. This transformative technology allows businesses to generate detailed analyses, customised plans, and creative content almost instantaneously. According to recent reports, over a third of EU firms experimented with AI technologies last year, highlighting the rapid adoption and potential of Generative AI.

Opportunities for SMEs under the Digital Europe programme

The meeting also explored additional opportunities for SMEs under the Digital Europe Programme, showcasing practical examples of Generative AI applications within the sector. These discussions aim to further illuminate the support available for SMEs seeking to harness the power of AI and drive innovation in the European market.