“Driving innovation requires courage and caution” – policymakers and industry strive for the right balance at RAID 2024
Didier Reynders at RAID2024
RAID (Regulation of AI, Internet & Data) 2024, held at the Stanhope Hotel in Brussels on September 23-24, gathered around 200 global delegates at the intersection of technology and regulation. With the theme “Innovate, Regulate and Collaborate with Courage and Caution,” the conference emphasised the need to drive competitiveness responsibly.
In his opening address, Didier Reynders, Commissioner for Justice at the European Commission, highlighted the importance of balancing innovation with careful oversight:
“Driving innovation requires access to capital, investment in R&D, a skilled workforce; it requires both courage and caution.
International and cross-sectoral collaboration
“Collaboration is key to achieving our goals. We need to work with industry, civil society, and international partners,” Reynders said.
Zekeriya Coştu, Deputy Minister of Industry and Technology for the Republic of Türkiye, echoed the call for global collaboration, stressing that harmonized frameworks are essential to navigating the challenges of AI and data regulation. “Countries, organizations, and people should work together,” Coştu said, emphasizing the need for unified global approaches to regulation.
Anu Talus, Chair of the European Data Protection Board, stressed the need for cross-regulatory cooperation: “It’s important to make the cross-regulatory work function. No one wants fragmentation.”
Katherine Harman-Stokes, Acting Director, Office of Privacy and Civil Liberties at the U.S. Department of Justice highlighted the critical role of data flows in the global economy and the need for harmonized regulations. “It’s more important than ever that we harmonize,” she said.
Cecilia Alvarez, Director of Privacy Policy Engagement EMEA at Meta, pointed to the need for a balanced approach to fundamental rights, where privacy is just one of many considerations. “As a business, you need to listen to your users,” she stated.
Julie Brill, Chief Privacy Officer and Corporate Vice President of Global Privacy, Safety, and Regulatory Affairs at Microsoft, spoke to the unprecedented opportunities AI presents for global economies, particularly in emerging regions.
“The Global South has a huge opportunity to jumpstart its economy and bring itself into the AI age,” she noted, adding that the focus should be on how AI is built, deployed, and diffused globally.
“The backbone of growth”
Jean-François Copé, former Budget Minister of France, cautioned that “within 4-5 years it will be too late” for the EU to be competitive with the U.S. and China if substantial investments are not made. “One key word is investment, investment, investment.”
“Innovate or regulation is not a contradiction – on the contrary,” said European Commission Cabinet Member Werner Stengg. “Tech providers need certainty on the market.”
Dragoş Tudorache, former MEP and co-rapporteur of the AI Act, said, “The clarity of rules is going to give predictability to businesses so they can put products on the market that will be the backbone of growth.”
“If you create a strong governance ecosystem, there’s a huge potential value,” said Jon Donenberg, Deputy Director of Technology at the U.S. National Economic Council. If you have a weak ecosystem, it’s useful for misinformation, for throwing fire accelerant on all the problems we already have.”
Industry leaders called for a more consistent approach to regulatory interpretation and enforcement. Ahmed Baladi, Partner at Gibson Dunn, noted that “There is room for improvement to bring more legal certainty through consistent and harmonized interpretation of regulatory frameworks. It is also essential that AI regulation does not hinder innovation. This can be achieved with continuous dialogue between industry stakeholders, lawmakers and regulators.”
Ashish Sarkar, Partner at KPMG UK, emphasized that businesses are primarily focused on market success and that regulation should aim to support rather than hinder this goal. “How you make it as easy as possible for them to comply while getting ahead in the market is an important question.”
Looking ahead
RAID 2024 provided a unique forum for policymakers, industry leaders, and regulators to share insights and chart the future of innovation and governance of digital technologies. With global collaboration at the forefront, RAID 2024 underscored the urgent need for coherent, forward-thinking strategies that balance innovation with regulation and ensure a competitive, responsible digital future for all.
RAID 2025 is set for Brussels in September. For more information on RAID and future events, please visit www.raid.tech or contact ben.avison@cavendishgroup.co.uk.
