Europeans wary as business leaders embrace frontier tech

A study has found a significant divide between business leaders and the general public in Europe regarding the impact of emerging technologies.

The Hotwire Frontier Tech Confidence Tracker, published by Hotwire Global, surveyed over 8,000 members of the public and 730 business leaders across five European countries, examining attitudes toward 15 frontier technologies, including artificial intelligence (AI), robotics, virtual and augmented reality (VR/AR), and quantum computing.

The findings indicate that companies risk advancing too quickly with new technologies without sufficient public acceptance or understanding. Business leaders consistently reported stronger optimism about adopting frontier technology, with an average confidence score of 77 out of 100 across the surveyed technologies. In contrast, public sentiment was measured at 48, resulting in a 29-point gap between the two groups.

One of the significant differences identified by the study is in how companies that adopt frontier technologies are perceived. While 79% of business leaders believe the general public feels more positively than negatively about such companies, fewer than half of the public (46%) shares this optimistic view.

Public apprehension is primarily rooted in concerns around job displacement (38%) and increased wealth inequality (25%). Business leaders, on the other hand, are generally motivated by organisational efficiency (58%), new product development (44%), and competitive advantage (38%), according to the survey data.

The study revealed that the European public is, on average, 13 points less optimistic than business leaders about the societal impact of frontier technologies. The public's main perceived opportunity from technology is improved health outcomes (36%), whereas business leaders are most likely to cite gains in organisational efficiency (50%) and economic growth (41%).

"At a time when the role of business in society is under scrutiny, there is a significant risk that business becomes disconnected from public sentiment regarding the use of technology to achieve commercial objectives. The risk in alienating stakeholders is heightened media scrutiny, unfavourable policy developments, and, ultimately, slower commercial growth," Ute Hildebrandt, Chief Executive Officer of Continental Europe at Hotwire Global, commented on the study's results.

Furthermore, the research also explored the subject of trust. The survey found that only 36% of the public trust companies using frontier technologies without clear explanations, compared to 67% of business leaders.

Another notable divergence emerges regarding trust in technology entrepreneurs. For business leaders, tech entrepreneurs are considered the most reliable sources of information about frontier technologies. However, the public is 29 points less likely to view tech entrepreneurs as trustworthy in this context.

Despite these disparities, there is consensus on the trustworthiness of scientists and researchers. They are identified by 43% of the public as the most reliable source of information on frontier technologies and are the second most trusted source among the business community, at 49%.

"It is abundantly clear from the research that public trust is essential if we are to optimise the opportunities and empower people against the risks from new technologies. There is a role for Government, for business and for civil society to lead on this imperative public engagement," Lord Holmes of Richmond, a Member of the UK House of Lords, commented on the study's implications.

"Businesses must proactively explain share their technology strategies and how they foresee their actions impacting the business, society and the workforce. Both the upside and the potential downsides. Transparency helps mitigate fear, builds trust and drives buy-in," Ute Hildebrandt added.

The Frontier Tech Confidence Tracker highlights ongoing disparities in the level of optimism and trust between Europe's business leaders and the general public regarding emerging technologies, as well as the need for greater transparency and engagement to align commercial and societal interests.