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Jennifer L. Schenker
Innovator Founder and Editor-in-Chief |
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Organization applying advanced AI models to their businesses have weak or non-existent guardrails, according to The Artificial Intelligence Index Report 2024, which was published on 15 April by the Institute for Human-Centered Artificial Intelligence at Stanford University in California,. The report cites a Responsible AI (RAI) survey of 1000 companies conducted by Stanford researchers in collaboration with Accenture to gain an understanding of the current level of RAI adoption globally and allow for a comparison of RAI activities across 19 industries and 22 countries. The survey’s aim was to develop an early snapshot of current perceptions around the responsible development, deployment, and use of Generative AI and how this might affect RAI adoption and mitigation techniques. A significant number of respondents admitted that they had only some – or even none – of the guardrails in place. “There is a tension between the arms race – ie knowing that if you don’t adopt AI your competitors will – and moving ahead, despite the risks which feel both unclear and significant,” says AI Risk expert Simon Torrance, The Innovator’s Interview Of The Week. “Companies are finding it difficult to manage this today.” Read on to get the key takeaways from this story and the week's most important technology news impacting business. |
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| Cremer, a 76-year-old-German family-owned business with more than 2,600 employees and over 60 global legal entities, produces cereals and other commodities, makes oleochemical products for global fast moving consumer goods companies and trades in products ranging from molasses to minerals. Faced with the dual challenge of how to become more sustainable and transition to future-ready business models, the company looked at how it could leverage its know-how to develop innovative new business models and fuel growth.
After sending its top executives through a program at UnternehmerTUM, The Center for Innovation and Business Creation at the Technical University of Munich (TUM), Cremer, with its business unit DTC (Deutsche Tiernahrung Cremer) the largest privately owned provider of animal feed in Germany, decided to branch out into sustainable nutrition for humans.
Cremer has set up an alternative protein unit and is becoming an innovative partner for fermentation and precision fermentation startups that need its know-how and fermentation media supply chain network to make meat and dairy substitutes. The fermentation medium is of particular importance for productivity of fermentation and economic success of a bioprocess. Medium formulation addresses improvement of the nutritional and chemical environment of cells in a bioreactor and represents a significant cost and time factor in bioprocess development.
Cremer’s innovation journey – and how it is managing to bridge the old world and the new - provides some valuable insights into how traditional companies can transform their businesses.
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Who: Simon Torrance is Founder of AI Risk, a London-based strategy, research and innovation firm specializing in helping leaders understand and manage the strategic risks of AI adoption, which include: strategic risk (losing out to competitors), financial risk (making poor investment decisions), operational risk (vulnerability to cyberattacks, inability to access talent) and regulatory risk (non-compliance with new laws).In 2023 Torrance ran an in-depth think tank on AI risk, supported by global corporations, which created the world's first AI Risk taxonomy.
Topic: How corporates can manage AI risk
Quote: "All companies need a comprehensive understanding of AI risk, a holistic strategy for growth as well as table-stakes optimization of existing business processes. They need to move ahead fast now to grasp the opportunity. Combining a competitive growth strategy with a systematic and automated approach to AI governance will be critical."
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| Swiss scale-up Bcomp's high-performance components, which are made from natural flax fibers, enable substantial weight and Co2 emission reductions compared to standard materials. Applications range from Formula 1 and automotive to aerospace. Investors in the company, which on April 16 announced a $35 million series B funding round, include BMW i Ventures, Volvo Cars Tech Fund and Porsche Ventures, as well as Airbus Ventures, Generali, and existing investors.
Bcomp’s circular, natural fibers composite promises to replace carbon fibers, glass fibers and petrochemical-based plastic parts that are used to make everything from door handles to seatbacks, a small but important part of the journey to greener mobility.
“Our purpose is to decarbonize with our bio-based materials,” says Bcomp CEO Christian Fischer.
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Number of climate founders and investors behind The Climate Brick, a newly launched European community committed to addressing the climate crisis through technology. The group has created seven "bricks" covering seven different climate tech journeys, which aim to outline the key milestones and success factors needed to unlock scale and impact: Gigascaling for companies building CAPEX-intensive, large-scale plants for established green production, such as green steel, batteries, and synthetic fuels. Green Deployment for companies operating, deploying, or owning green assets, such as solar, wind, and battery parks. Asset-as-a-Service for companies enabling green assets through a software/tech platform, such as micromobility or Electrical Vehicle-as-a-Service. Product Disruption for companies optimizing product value chains through green design and engineering, such as e-aircraft, equipment, and gadget transport vehicles. New Technology for companies developing innovative technologies that revolutionize industries, such as carbon capture and new materials (e.g., food, cosmetics, agriculture or healthcare). Moonshot for companies launching game-changing science that will impact the way entire sectors work, such as fusion and quantum computing. Companion Software For companies offering software enabled through hardware, such as software for utilization, optimization and grid management. For each business profile (called bricks) there is a unique risk profile and roadmap for scaling the business. Climate Bricks was initiated by EQT Ventures and Contrarian Ventures, with representatives from HSBC Innovation Banking, Norrsken, Northvolt, Eiride, Marvel Fusion, H2Green Steel, UBS, Nomura and Allianz, among others.
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