Why investors in public-purpose tech should prioritise AI ethics

The full article is here. TL;DR:

➤ AI ethics can help ensure that the technology has the intended positive impact and it can increase revenue.

➤ How can AI ethics increase revenue?

I name five reasons:

1. AI ethics improves AI systems

2. AI ethics improves adoption

3. AI ethics attracts talent

4. AI ethics is crucial for compliance

5. AI ethics is key for building a positive reputation

➤ How can AI ethics ensure that the technology has the intended impact?

I illustrate with a case study: the Dutch AI childcare benefit scandal.

I describe how, due to AI ethics violations, a system that was supposed to benefit the public falsely accused up to 26,000 Dutch parents of fraud. A disproportionately large number of whom were people of color. The scandal was so acute that, as a result, the Dutch prime minister and the entire cabinet resigned.

➤ Takeaway

AI ethics is of the utmost importance when investing in public-purpose technology and in technology in general.