London is AI growth capital of Europe says London's deputy mayor

London is a global hub for AI and leads Europe in AI growth according to London's deputy mayor Rajesh Agrawal.

Speaking at CogX in London's Tobacco Docks today, Agrawal explained the finding of the Mayor of London's AI report released earlier this week.

"We have 758 AI suppliers in London and 754 are actually headquartered in London," said Agrawal. "Which is much more than any other city in Europe.

"London is the global finance capital, so fintech is naturally one of the areas benefitting from AI. But there are lots of other clusters focusing on AI including healthcare, media, and politics."

The report found that small to medium-sized businesses were the driving force behind making London such a hub for AI.

Pondering how AI would work in politics, Agrawal noted other areas outside of fintech that would benefit from AI and add to its existing growth in London.

"There are about 1 million SMEs in London making up 98 percent of businesses," he said. "The rate of which the AI companies are growing is outstanding. The economic base in London is world-leading and they are betting on AI.

"The research found that London's USP is demand and this is reflected across all of our economy but mostly across AI.

"The mayor and I are looking at how we can use AI to say ahead of the curve and future-proof."

Agrawal passionately addressed diversity within London, highlighting its importance within the London mayor's team.

He said: "Diversity is a major priority for me and the mayor and we are pursuing a number of initiatives to make sure there is a diverse workforce across London. But we have to lead by example before we ask businesses to do the same.

"Within AI I think there is an added angle. When we are coding in AI it is humans that are really doing the work so we must make sure our unconscious bias isn't coded in the software too.

"Otherwise it will end up making decisions which will exclude certain people.

"In the AI sector particularly 43 percent of businesses have a non-UK national as a supplier and this confirms its reputation was a massive factor on choosing London."


Copyright © 2018 IDG Communications, Inc.

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