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Business and Regulatory Responses to Artificial Intelligence: Dynamic Regulation, Innovation Ecosystems and the Strategic Management of Disruptive Technology

In: Robotics, AI and the Future of Law

Author

Listed:
  • Mark Fenwick

    (Kyushu University)

  • Erik P. M. Vermeulen

    (Tilburg University
    Philips Lighting)

  • Marcelo Corrales

    (Universidad Politécnica y Artística del Paraguay (UPAP))

Abstract

Identifying and then implementing an effective response to disruptive new AIArtificial Intelligence (AI) technologies is enormously challenging for any business looking to integrate AIArtificial Intelligence (AI) into their operations, as well as regulators looking to leverage AIArtificial Intelligence (AI)-related innovationInnovation as a mechanism for achieving regional economic growth. These business and regulatory challenges are particularly significant given the broad reach of AIArtificial Intelligence (AI), as well as the multiple uncertainties surrounding such technologies and their future development and effects. This chapter identifies two promising strategies for meeting the “AIArtificial Intelligence (AI) challenge,” focusing on the example of Fintech. First, “dynamic regulationDynamic regulation,” in the form of regulatory sandboxesRegulatory sandboxes and other regulatory approaches that aim to provide a space for responsible AIArtificial Intelligence (AI)-related innovationInnovation. An empirical study provides preliminary evidence to suggest that jurisdictions that adopt a more “proactive” approach to Fintech regulation can attract greater investmentInvestment. The second strategy relates to so-called “innovation ecosystemsInnovation ecosystems.” It is argued that such ecosystems are most effective when they afford opportunities for creative partnerships between well-established corporations and AIArtificial Intelligence (AI)-focused startupsStartups and that this aspect of a successful innovationInnovation ecosystem is often overlooked in the existing discussion. The chapter suggests that these two strategies are interconnected, in that greater investmentInvestment is an important element in both fostering and signaling a well-functioning innovationInnovation ecosystem and that a well-functioning ecosystem will, in turn, attract more funding. The resulting synergies between these strategies can, therefore, provide a jurisdiction with a competitive edge in becoming a regional hub for AIArtificial Intelligence (AI)-related activity.

Suggested Citation

  • Mark Fenwick & Erik P. M. Vermeulen & Marcelo Corrales, 2018. "Business and Regulatory Responses to Artificial Intelligence: Dynamic Regulation, Innovation Ecosystems and the Strategic Management of Disruptive Technology," Perspectives in Law, Business and Innovation, in: Marcelo Corrales & Mark Fenwick & Nikolaus Forgó (ed.), Robotics, AI and the Future of Law, pages 81-103, Springer.
    • Handle: RePEc:spr:perchp:978-981-13-2874-9_4
    DOI: 10.1007/978-981-13-2874-9_4
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    Citations

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    Cited by:

    1. Stefan Philipsen & Evert F. Stamhuis & Martin de Jong, 2021. "Legal enclaves as a test environment for innovative products: Toward legally resilient experimentation policies," Regulation & Governance, John Wiley & Sons, vol. 15(4), pages 1128-1143, October.
    2. Sowa, Konrad & Przegalinska, Aleksandra & Ciechanowski, Leon, 2021. "Cobots in knowledge work," Journal of Business Research, Elsevier, vol. 125(C), pages 135-142.
    3. Helen Stout & Martin de Jong, 2020. "Exploring the Impact of Government Regulation on Technological Transitions; a Historical Perspective on Innovation in the Dutch Network-Based Industries," Laws, MDPI, vol. 9(2), pages 1-21, April.
    4. Aleksandra Kuzior & Mariya Sira & Paulina Brożek, 2023. "Use of Artificial Intelligence in Terms of Open Innovation Process and Management," Sustainability, MDPI, vol. 15(9), pages 1-16, April.

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