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The Capital Meets Policy DialogueTM, Europe Chapter

Fostering Inclusive Policymaking

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Wednesday 3 July

11:00am - 1:00pm

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The Circle Convention Centre

"Where policymakers, capital providers and innovators converge to shape the future of financial technology."

"Where policymakers, capital providers and innovators converge to shape the future of financial technology."

The Capital Meets Policy Dialogue is the premier annual summit between senior policymakers and major capital providers (VCs, PE, family offices and sovereign wealth funds). It brings together the most influential voices on both sides to debate solutions to the most pressing issues facing capital investment, value creation and policymaking. Woven intentionally close to a technology theme with high potential for growth and value creation, the Dialogue aligns two critical stakeholders of economic progress towards an informed and enabling outcome.

Agenda

Agenda

  • 3 July

11:00 – 11:20am

The Capital Provider Keynote

11:20am – 11:40am

The Policymaker Keynote

11:40am – 12:20pm

The Capital Meets Policy DIALOGUE

12:20pm – 1:00pm

The Voice of the Innovators

Programme

Programme

The Capital Provider Keynote

It is likely that in the very near short term i.e., 2024, the venture world may consciously pause to first assess (even) their in-flight AI deals against the new EU law. In the longer term, it will be essential to closely watch and understand how non-EU based capital providers assess and respond to the EU approach, including waiting to see how the Act itself is enforced.

This important keynote covers the following areas from a capital provider’s perspective:

Attractiveness of EU market given the new high standards covering AI development & deployment, both to EU-bound and local startups.   
Increased due diligence potentially increasing the time and cost of investments and the resultant delay in capital deployment, hence ROI.  
Readiness of policymakers to speedily clarify the applicability of the law when approached by investors and startups for clarifications.
Demand for rigorous testing by enterprise clients that may likely delay revenue generation and/or affect the path to profitability for start-ups, all this while startups also then need higher capital support.

The Policymaker Keynote 

There seems to be a strong case that the only way to reign in the long-term downside risks of the rapid development and growth of AI (learning from what happened during the long-unchecked days of social media) is to first slow it down. This may be better for the greater good. Hence, while policy may have done that same job well this time, an equally critical question that emerges is the role that policymakers are playing in encouraging the creation, retention, and growth of startups within the EU.   

This important policymaker keynote covers the following areas:

In order to promote the competitiveness of the EU, how do European authorities plan to encourage international coordination of regulatory interventions in the field of AI, and let this not become a own-goal.
How will the EU regulate AI and remain open for business. The act itself has changed frequently to accommodate concerns of France, Germany, Italy on too much regulation too soon.
Does the Act view technology greatly through the lens of risk as opposed to innovation too?
How will the critical role of EU supervisors to address the implementation of the Act with flexibility and proportionality be carried out, at least in these very early days, so as to nurture innovation and capital inflow and deployment.
How is the EU’s new AI office looking to staff itself given the extreme shortage of talent globally, and the excessive volume of clarifications they are likely to face soon. 

The Capital Meets Policy DIALOGUE 

2 Capital Providers + 2 Policymakers + 1 Moderator 

President of France said ‘we are regulating things that we have not yet produced or invented. It is not a good idea.’ CEO of CB Insights echoed the thought ‘The EU now has more AI regulations than meaningful AI companies.’

The questions:

The risk of a larger non-EU-based partner using its market power to pull high-potential EU-based AI startups out of the EU. Mistral-Ai proves that risk. Germany’s Aleph Alphi and UK-based Synthesia and StabilityAI too.
Voluntary flight of startups to non-EU locations including US, in search of capital, and more open to innovation policies. E.g., USA, Japan
Foundation models such as GPT-4 have been termed ‘systemic’. Has this aggressive categorization come too early?
Need for greater transparency. To publish publicly available summaries of training data which might affect competitiveness and IP.
How does one go about educating citizens of how algorithmic harms happen if citizens have been given more agency to complain about AI systems.

The Voice of the Innovators

Startups developing or using general purpose AI models will need to comply with transparency obligations, such as providing model documentation and ensuring copyright compliances. And while large models like OpenAI, Meta, Google, etc., will be under greater scrutiny, every application (think every startup) that uses them behind the scenes may also be at risk.

The questions:

Is the EU missing another tech wave with AI regulation?
Prioritising between producing startups and producing standards
How are the new measures to assist startups with dedicated access to supercomputers (AI factories) being received by the community
Startups may struggle to identify whether their systems fall under the high-risk category, leading to uncertainty and potential compliance issues
Is there a risk that rival nations will poach top AI talent from the EU much easier now?

Dialogue Invitees: Senior leaders & decision-makers
(C-Suite, Managing Director, Partner Level)

Dialogue Invitees: Senior leaders & decision-makers
(C-Suite, Managing Director, Partner Level)

Capital Providers and Arrangers / Facilitators

  • Venture Capitalists and Private Equity
  • Corporate Venture Capital and Corporate M&A
  • Single / Multi-family Offices
  • UHNWIs / HNWI
  • Investment Banking
  • Private Wealth
  • Law Firms
  • Representatives from Development Finance Institutions
  • Representatives from Sovereign Wealth Funds, Pension Funds, Insurers and other Financial Institutions

Policymakers, Think Tanks & Multi-Laterals

  • Senior Regulators
  • Senior Central Bank Officials
  • Senior Finance Ministry Officials
  • Industry Association Leaders
  • Industry Think Tank Leaders
  • Multi-Lateral Agency Leaders

Previous Distinguished Speakers

  • Navin Suri

    Navin Suri

    Advisor to the Board of Directors, Elevandi

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    Axel Voss

    Member of the European Parliament,

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    Melissa Guzy

    Co-founder & Managing Partner, Arbor Ventures

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    Rafat Kapadia

    Elevandi

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    Adrienne A. Harris

    Superintendent, New York Department of Financial Services

  • Douglas Elliott

    Douglas Elliott

    Partner, Co-head of Oliver Wyman Forum Future of Money Initiative, Oliver Wyman

  • Karmela Holtgreve

    Karmela Holtgreve

    Director General Strategy and Innovation, Deutsche Bundesbank

  • Sigal Headshot (1)

    Sigal Mandelker

    Ribbit Capital

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