5 November 2024, Tue |
1:30 PM
The rapidly evolving AI industry presents a significant regulatory challenge, with the goal of building public trust and confidence in AI while simultaneously fostering innovation and competitiveness in local industries. On Day 3 of the Expand North Star event, organized by the Dubai World Trade Centre and hosted by the Dubai Chambers of Digital Commerce, a session titled ‘Leaders of Change Through the AI Lens’ emphasized the potential impact of AI and the necessity of regulating it.
His Excellency Omar Sultan Al Olama, Minister of State for Digital Economy, Artificial Intelligence, and Remote Work Applications, and Chairman of Dubai Chamber of Digital Economy, announced that the UAE Government has initiated a partnership with Oxford University to educate public officials on AI governance, AI system auditing, and exploring AI use cases.
H.E. Al Olama stressed the need for adapting regulations to the specific needs of each country, recognizing that challenges in the USA differ from those in the UAE, Japan, China, or England. To safeguard the public from potential harm caused by technology, a global consensus on a regulatory framework must be reached, addressing the feasibility and implementation of legislation.
Other panelists, including Mohamed Gouled, Vice President of Industries at the International Finance Corporation (US), and Emad Mostaque, Co-Founder and CEO of Stability AI (UK), highlighted the immense power of AI and the urgency of its regulation. They also acknowledged AI’s potential to transform and uplift the world, particularly through various use cases benefiting small businesses and developing countries.
Exploring the Journey of Entrepreneurs
Behind the glamorous media portrayals of startup success stories lies the gritty reality of hard work, determination, and resilience required to overcome obstacles and failures. Entrepreneurs are individuals who challenge the status quo and dare to create something new.
Expand North Star hosted an unfiltered panel discussion that aimed to challenge conventional narratives surrounding unicorn companies. The panel featured prominent speakers from around the world, including Rohit Chennamaneni, Founder of Darwinbox, Ramakant Sharma, Founder of LivSpace, Sebastien Borget, Co-founder & COO of The Sandbox, Dr. Milkayel Vardanyan, Co-Founder & CPO of Picsart, Dan Westgarth, Co-founder & COO of Deel, and Melvyn Lubega, Founder & Director of Go1. The discussion was moderated by Nic Watson, CEO of Udrive.
During the discussion, the panelists shed light on the triumphs and challenges of building and scaling a business. They emphasized the importance of accurately valuing startups based on customer engagement and external market dynamics. The conversation delved into the hurdles faced, including the long hours and relentless dedication that impact the well-being of founders and employees. The speakers shared personal and corporate transformations that became necessary as their businesses grew, requiring continuous reinvention to sustain growth.
The Success Story of the Asian Startup Scene
With its significant population, entrepreneurial history, and strong public and private sector support for entrepreneurs, the Asian tech scene is currently experiencing unprecedented vitality. On Day 3 of Expand North Star, the event featured a Spotlight Asia focus, hosting an engaging panel discussion titled “Exploring Ecosystems in Emerging Markets.” The panelists discussed the steps needed to drive future growth in the region’s startup landscape and analyzed how increasing public-private partnerships are propelling next-generation startups.
Among the panelists were Ashok Kurian, Business Development & Startup Lifecycle Programs at Kerala Startup Mission, Ehantha Sirisena, CEO of KBSL in Sri Lanka, Naeem Zamindar, Founder of Neem in Pakistan, and Rezwanul Haque Jami, Head of Commercial Strategy at the Ministry of ICT in Bangladesh. The speakers highlighted that the challenges faced by Asian countries also present significant opportunities. Sectors such as education, infrastructure, healthcare, and more are ripe for transformation, and governments in the region are embracing disruptive technologies from startups. The speakers commended the organizers for hosting prominent events like Expand North Star, which are essential for exploring international markets.
Hosted by the Dubai Chamber of Digital Economy, Expand North Star is holding its largest-ever edition in 2023, taking place at the new Dubai Harbour venue from October 15 to 18. This event, in conjunction with GITEX GLOBAL 2023, brings together over 1,800 startups from more than 100 countries, establishing Dubai as a rapidly emerging hub for the world’s digital economy. Additionally, it features three themed sub-events targeting specific sectors: Fintech Surge, the Future Blockchain Summit, and Marketing Mania, with over 1,000 investors managing a combined total of over US$ 1 trillion in Dubai.
