Garry Tan of Y Combinator advocates for AI regulation while cautioning against monopolies in the industry

Garry Tan, the president and CEO of Y Combinator, made a compelling case for the necessity of regulation in the field of artificial intelligence during a recent interview at The Economic Club of Washington, D.C. Tan emphasized the importance of implementing regulations to ensure the responsible development and use of AI technologies.

Tan expressed his support for the National Institute of Standards and Technology’s efforts to create a GenAI risk mitigation framework, as well as the executive order issued by the Biden Administration, which aims to address various aspects of AI regulation. However, he also voiced concerns about certain bills related to AI that are currently being considered in California and San Francisco, labeling them as “very concerning.”

In discussing the need for responsible AI development, Tan highlighted the importance of balancing innovation with mitigating potential harms. He referenced the UK’s approach to AI regulation, noting the importance of avoiding the concentration of power in the hands of a few companies.

Despite the growing number of AI startups emerging from Y Combinator’s programs, recent events have raised questions about the accountability of AI leaders. Tan’s remarks come in the wake of controversies surrounding companies like OpenAI and Meta, underscoring the need for ethical considerations in AI development.

Looking ahead, Tan emphasized the need for a measured approach to AI regulation, emphasizing the importance of fostering a diverse and competitive landscape in the AI industry. Ultimately, Tan’s vision for the future of AI revolves around ensuring a wide range of choices for consumers and founders, rather than allowing a few dominant players to control the market.