Europe must act to stay relevant in the digital economy

Europe must move faster to remain relevant in the digital economy, experts said at the Technology Impact Summit at the University of Graz on Wednesday, according to ORF. Around 400 invited guests attended the event, where speakers discussed Europe’s position compared with the United States, China and India.

Europe often stands in its own way, participants said. The continent needs to take a more active role in driving digital transformation and preparing for advances in artificial intelligence, said Philipp Töbich of SAP. “In five years, the world will be completely different, and we need to prepare for that,” he said.

Speakers called for greater willingness to take risks and more public and private investment. But Europe must also continue cooperating internationally, said Georg List of AVL List. Dividing industries and markets, he argued, would create extra costs that nobody would be willing to pay. “We must not be naïve,” he said.

Cybersecurity was identified as an area where Europe could establish a stronger position. Artificial intelligence could also help companies of all sizes cut costs, said Agnes Heftberger of Microsoft Germany. She said business leaders often consider how AI will affect their employees but give less thought to how it should change their own leadership.

Stefan Mangard of Graz University of Technology said the main risk was not AI itself but the people controlling it. “A powerful tool in the hands of the wrong person is a danger,” he said, adding that AI had not reached a point where it could act on its own and seek world domination.