“AI will destroy jobs and governments are not prepared”

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Exclusive poll of global technology investors


Governments are failing to prepare for the impact of artificial intelligence – which is set to destroy millions of jobs, according to a poll of the world’s top technology investors.

A survey of investors at Venture, the premier VC event taking place during Web Summit in Lisbon, found that 53% agreed that it was “inevitable that Artificial Intelligence will destroy millions of jobs”.

The vast majority of investors (93%) said governments were not prepared for the impact of AI on jobs.

Venture, Web Summit’s premier conference for VCs, was opened by the Portuguese Prime Minister today. The one-day event, saw more than 500 attendees from all the top global VCs, PE funds, angels and LPs gather for the most significant global gathering of VCs in the world, with over $100 Billion worth of investable capital in the room.

The vast majority of investors agreed that Brexit is damaging to the European economy (82%) and a similar number that it directly damages British startups (77%).

The poll also found that the biggest threat to the tech industry, according to investors, was labour laws and regulation.

And in surprise result investors said that the least innovative major tech company was… Apple – with 39% saying this.

With a nod to the US election, the poll found that 94% would have voted for Hillary Clinton and slightly less 89% predicted the democrat candidate was going to win.

Methodology: Web Summit polled 224 global investors in face-to-face interviews on November 7.

Web Summit

Web Summit is a global technology conference hosted annually in Lisbon. In 2016, more than 53,000 attendees from over 166 countries will fly to Lisbon for Web Summit, including over 20,000 companies, 7,000 CEOs and 2,000 international journalists. Speakers will include the founders and CEOs of the world’s largest tech companies as well as political leaders and major sports, fashion and music personalities.