Artificial intelligence startups welcomed President Joe Biden’s new executive order which placed regulations on the technology, though some CEOs expressed concerns over whether it could impede smaller companies and stifle innovation.It’s the culmination of several months of discussions between the Biden administration and the tech sector, which has steered significant capital and resources into AI since the viral release of ChatGPT last November.
“We must remain cautious that government doesn’t construct a regulatory regime that entrenches the power of the incumbents,” said Aidan Gomez, cofounder of Cohere, a startup building its own AI models, in an email toto the White House to manage AI risk — whether the order benefits incumbents or smaller startups will “depend heavily on implementation and enforcement.” Historically, the Biden administration has struggled to enforce antitrust laws on the tech sector.