June was an incredible month for us at CognitiveScale. We joined the stage at CogX with our friends and AI thought leaders Lori Beer, Global CIO at JPMorgan Chase and Akshaya Bhargava, former CEO at Barclays Wealth, where Manoj Saxena, our Executive Chairman, debuted our commitment to Responsible AI. Ten days later we were named 2018 Technology Pioneer by the World Economic Forum; but more on that another day.
With London once again becoming the backdrop for Tech Week (a weeklong festival of tech and innovation), it is no surprise that CogX drew 6,500 AI enthusiasts from around the world.
With an open air venue promoting out-of-the-box discussions and the theme of Women in Tech promoting diversity, one could sense a feeling of innovation in the air.
CognitiveScale and Friends Take the Stage at CogX
On the Impact Stage the morning of Day 2, hundreds gathered to listen to industry luminaries Manoj Saxena, Executive Chairman, CognitiveScale; Lori Beer, Global CIO, JPMorgan Chase; and Akshaya Bhargava, Founder, Bridgeweave and Former CEO, Barclays Wealth as they discussed the impact of AI on financial services.
Saxena’s initial statement shocked the crowd: “People talk about the 8 million jobs that are going to be lost, but they don’t talk about the 1.2 billion jobs that can be enhanced with AI.” Beer and Bhargava agreed.
The size and scale of an enterprise in financial services demands Augmented Intelligence to achieve the ecosystem transformations it desires. As Beer pointed out, J.P. Morgan Chase & Co. has a $10.8 billion dollar budget for technology and over 20% of its employees are technologists. Bhargava added, "AI is not a technology, it is a business opportunity.” Democratizing AI to scale is key to the democratization of quantitative information.
To learn more about how CognitiveScale and leaders in financial services are blurring the lines of business and tech governance at scale while democratizing AI, view the CogX panel discussion here: https://www.youtube.com/watch?v=tUKDUwT1Zf0
The Big Announcement
Timed with CogX, CognitiveScale announced two large initiatives aligned with a strong commitment to Responsible AI. The first is the launch of the AI Global Marketplace, the world's first open AI marketplace. AI Global, a non-profit alliance including CognitiveScale, data.world, HyperGiant, IEEE, USAA, and The University of Texas at Austin, will advance the common goal of greater collaboration around the adoption of Responsible AI. As Bhargava stated during the CogX session, "The notion of Responsible AI, to me, is more important than AI itself. If you cannot trust it, it is useless." Learn more here in E-Commerce Times or in Austin Inno.
The other announcement centered around CognitiveScale’s goal to help over one billion people by 2020 through an AI “do-tank,” also supported by AI Global. Why the focus on Responsible AI now? We expect AI to dramatically redefine nearly all aspects of how we work and live leading to an explosion in AI-enabled business applications. But that value will never be met if we continue to see AI projects struggle due to a lack of a clear understanding of which business processes to improve; a lack of easy access, ensured authenticity and audit trails; and a lack of expertise and tooling between data science workflows and the software development lifecycle.
So with all this great momentum, you might be asking what’s next for Responsible AI?
CognitiveScale’s commitments include partnering with other organizations in AI Global to add new developments to the AI Global Marketplace, including blockchain based mechanisms to securely enhance data ownership assurance and a new marketplace to help securely transfer, buy, and sell fine-grained data, models, skills, and agents.
Also, in partnership with The Entrepreneurs' Fund and the Saxena Foundation, CognitiveScale is creating an AI for Social Good Accelerator to support 10 global non-profit and academia partners to solve 100+ societal challenges with AI by 2025. Every year the accelerator will offer grants, free software, paid internships, AI expertise, and seed funding focused on areas such as social justice, healthcare, human trafficking, and empowerment of women in technology. The first set of challenges will be announced in October 2018. Stay tuned.