Artificial Intelligence and Funding
1.Exploring the Implications of Artificial Intelligence for Grant Funders
Artificial Intelligence (AI) is a rapidly evolving field with far-reaching potential, yet it remains complex and filled with uncertainties. Within the grant funding sector, there is increasing interest in how AI could be harnessed, especially given the growing availability of diverse AI tools, ranging from free resources to advanced commercial systems. However, the lack of a shared definition and the difficulty of predicting its long-term implications make it challenging for funders to understand AI’s full scope. Over the next decade, AI could significantly reshape how the Third Sector operates, presenting both opportunities and challenges for grant funders.
2.Supporting Funders’ Understanding of AI
To address these challenges, the West Midlands Funders Network (WMFN) recently hosted an event featuring Keith Collins and Mark Luckins from Adapta Consulting. This event aimed to help funders:
- Improve their knowledge and understanding of AI.
- Explore the scope of AI, including its advantages and drawbacks.
- Gain insights into the range of AI tools currently available and a potential timeline for future developments.
The event included a presentation and facilitated small group discussions, focusing on key themes:
- Current AI tools in use by individuals and funders and their applications.
- Concerns funders have about AI in their work.
- Sharing policies, practices, or adaptations related to AI.
3.Assessing AI Knowledge Among Funders
Participants were asked to self-assess their knowledge of AI on a scale from 1 (lowest) to 5 (highest). The majority rated themselves at a 2, with no one rating their understanding as a 5, and a third placing themselves at a 1. These results underscore the need for further education and dialogue within the sector.
4. Perceptions of AI: Excitement and Concerns
When asked to describe their feelings about AI, responses revealed a mix of optimism and caution:
-Potential and Excitement: A majority saw AI as having potential, with a third expressing excitement about its possibilities.
-Concerns: Key concerns included bias, accessibility, loss of a human touch, distrust, ethics, affordability, and environmental impact.
5. Current Policies on AI
In terms of organisational policies, none of the participants reported having a formal policy on AI use in grant funding. Only three members were in the process of developing guidance or a policy, highlighting a potential gap in proactive governance around AI.
6.Future Exploration: Key Themes for Grant Funders
The event concluded with a consensus on several areas requiring deeper exploration:
1.Social Concerns
Bias and Fairness: Addressing potential biases in AI tools and ensuring equitable outcomes.
Digital Literacy: Developing the skills needed to use AI effectively and inclusively, preventing the exclusion of less digitally literate groups.
Accessibility: Leveraging AI to create a more level playing field for applicants.
2.Environmental Concerns
Power Consumption: AI’s energy-intensive nature raises questions about sustainability.
Carbon Footprint: Understanding and managing the environmental impact of AI as part of organisational sustainability goals.
3.Safety and Security
Ethics and Transparency: Ensuring AI is used ethically, with clear and transparent processes.
Regulation: Establishing guidelines and standards to promote AI’s use for the greater good.
Conclusion
AI presents both exciting possibilities and significant challenges for grant funders. WMFN remains committed to supporting its members as they navigate this transformative field. The WMFN will look to future events to delve deeper into these critical issues to foster a better understanding, look at concerns and support members to shape policies that encourages effective and responsible integration of AI into the WM funding landscape that serves the best interests of the Third Sector and society as a whole.