Closing Europe’s innovation gap
Precisely was one of four Swedish businesses invited to represent the Swedish scaleup scene at the SEP Scaleup Summit Milano 2018.
The vision behind the SEP Scaleup Summits is to close the open innovation gap in Europe. This is done by, inter alia, four different Scaleup Summits per year and the 2018 Milan edition was the first one. By offering a platform connecting top startups with big corporates, stock markets, and investors, SEP wants to provide scaleups with possible financing and concrete strategic options to promote growth and business development.
Precisely was one of four invited businesses representing the Swedish scaleup scene. In addition to great networking and discussion, the invited scaleups had the opportunity to meet 50+ corporates and 50+ investors.
By the Numbers:
4 Cities, Exclusive Locations and Stock Exchanges.
300 highly curated International Tech Scaleups.
200 Corporates. 200 Investors.
The SEP Scaleup Summit
The two-day event allowed for a lot of interesting meetings between corporates, investors, and scaleups. One of the co-organisers, Mind the Bridge, also put together specific deep dives, covering trends in:
- AI/Machine Learning
- Digital construction & Infrastructures
Future trends in AI/Machine Learning
One of the tech trends covered in the vertical deep dives was AI/Machine Learning. AI is one of contract management’s favorite subjects at the moment. This comes fairly naturally as a main goal within contract management, in general, is achieving increased efficiency through automation – and AI enables contract automation as few other technologies.
While applied AI isn’t meant to replace lawyers or others working with contracts, it can automate routine tasks. It can help by recommending changes, assessing risks and increase authoring speed. Therefore, deploying these technologies could lead to a competitive edge.
There is no reason and no way that a human mind can keep up with an artificial intelligence machine by 2035.
– Gray Scott
The deep dive discussion on AI/Machine Learning at the SEP Scaleup Summit involved a lot of future trends. For instance, healthcare, in which AI offers amazing opportunities such as organizing patient routes or treatments plans more efficiently by using data sets from previous patients. As a result, it could provide all the information needed to make the right treatment decisions.
Another applicable industry is legal works. Just imagine being able to access every contract, clause, or regulation in an instant. To state the obvious, AI could thus prove extremely useful to legal professionals as well.
Our key takeaways from the SEP Scaleup Summit
We met an interesting group of companies and people and took part in very engaging discussions. While we would like to tell you about everything, we’ll have to limit ourselves. Here are our key takeaways from the SEP Scaleup Summit.
Artificial Intelligence is definitely on the rise and it’s here to stay. Almost all industries can benefit from AI in some way and we’ll probably see more solutions in the near future.
As a result, a lot of data is needed and is also key. Because of this, data is somehow becoming a currency. A race has started to see how smart and accurate your solution can become by using as large data sets as possible.
This raises the question of the threats known as tech giants such as Google and Amazon. When a small company reaches 1 million data points, Google will have 1 trillion data points. Either finding your own niche or accessing large data sets is key.
Furthermore, another hot topic – GDPR– will challenge AI and big data businesses in terms of compliance. With GDPR comes complex requirements on data protection – and companies will, inter alia, have to set routines for e.g. masking data, in order to carry out automated analyses of big sets of data. Loads of resources have already been – and will continue to be- invested in ensuring that development processes are in line with the new regulation.
In conclusion – keep an eye open for news on AI, Big Data and GDPR compliance.