Nikolas Kairinos, CEO and founder, Fountech, considers the ‘The State of AI 2019: Divergence’ report and warns of the consequences of incorrectly labelling a business as being AI-led.
Last week, MMC Ventures released ‘The State of AI 2019: Divergence’ report. It shed light on some of the major trends shaping the artificial intelligence (AI) industry in Europe and, perhaps most interestingly, the report also revealed the number of companies cashing in on the hype without, in fact, having much to do with AI technology at all.
Let’s first consider the positive findings of the report; most importantly, one in 12 new startups in Europe is now AI-led (up from one in 50 in 2013). Meanwhile, the UK remains at the forefront of this technological revolution, boasting nearly 500 AI startups; a third of the European total and twice as many as the next most active country....