Indias Ola Retreats: Exiting UK, Australia, and New Zealand

India ola retreats from international markets exiting uk australia and new zealand – India’s Ola retreats from international markets, exiting the UK, Australia, and New Zealand, marks a significant shift in the ride-hailing giant’s global ambitions. This move, fueled by a complex interplay of financial, operational, and competitive factors, underscores the challenges of navigating diverse international markets. While Ola’s focus shifts back to its home market, the company’s retreat raises questions about its future global expansion strategy and the potential for a return to these previously targeted regions.

Ola’s initial foray into international markets was driven by a desire to replicate its success in India, a market where it held a dominant position. The company chose the UK, Australia, and New Zealand as its initial targets, believing these markets offered similar growth potential and a receptive regulatory environment. However, the reality proved more complex. Ola faced stiff competition from established players like Uber and Lyft, as well as challenges related to local market dynamics and regulatory hurdles. These factors ultimately led to Ola’s decision to withdraw from these markets, highlighting the importance of meticulous market research and adaptation for success in a globalized landscape.

Ola’s International Expansion Strategy

Ola, the Indian ride-hailing giant, embarked on an ambitious international expansion strategy, seeking to replicate its domestic success in new markets. The company aimed to capitalize on the global growth of the ride-hailing industry and establish itself as a leading player in key regions.

Targeted Markets and Rationale

Ola’s international expansion focused on strategically chosen markets, driven by factors like market size, growth potential, and regulatory environment.

• Australia: Ola entered the Australian market in 2018, attracted by its large and growing ride-hailing market, a favorable regulatory landscape, and a high penetration of smartphones. The company aimed to tap into the significant demand for ride-sharing services in major cities like Sydney and Melbourne.
• New Zealand: Ola’s expansion into New Zealand in 2019 was driven by the country’s robust economy, growing urban population, and the absence of a dominant ride-hailing player. The company saw an opportunity to establish itself as a leading provider in a relatively untapped market.
• United Kingdom: Ola’s entry into the UK market in 2019 was a significant step, targeting a highly competitive market with established players like Uber and Bolt. The company aimed to leverage its technology and operational expertise to gain a foothold in a large and lucrative market.

Challenges and Opportunities in International Markets

Ola’s international expansion faced numerous challenges, including intense competition, regulatory hurdles, and cultural differences.

• Competition: Ola entered markets dominated by established players like Uber, Lyft, and local ride-hailing companies. This fierce competition required Ola to differentiate itself and attract customers through aggressive pricing, innovative features, and targeted marketing campaigns.
• Regulatory Environment: The ride-hailing industry faces complex regulations in many countries, including licensing requirements, safety standards, and data privacy laws. Ola had to navigate these regulations and adapt its business model to comply with local rules.
• Cultural Differences: Ola’s international expansion involved adapting its services and marketing strategies to suit local cultural preferences and norms. This included understanding local transportation habits, payment methods, and customer expectations.

Despite the challenges, Ola’s international expansion presented several opportunities:

• Growth Potential: The global ride-hailing market is projected to grow significantly in the coming years, driven by increasing urbanization, rising demand for convenient transportation, and the adoption of ride-sharing services. Ola’s international expansion positioned it to capitalize on this growth.
• Brand Building: Expanding into new markets allowed Ola to build brand recognition and establish itself as a global player in the ride-hailing industry. This could lead to increased brand value and customer loyalty.
• Technological Advantage: Ola’s technological expertise and data analytics capabilities provided a competitive edge in international markets. The company could leverage its technology to optimize operations, personalize services, and improve the customer experience.

Ola’s Retreat from International Markets

Ola’s foray into international markets, primarily in the UK, Australia, and New Zealand, ultimately ended in withdrawal. This strategic shift, while initially promising, faced various challenges that led to its eventual retreat.

Timeline of Ola’s Exit

The timeline of Ola’s exit from the UK, Australia, and New Zealand is as follows:

• UK: Ola launched its ride-hailing services in the UK in 2018. However, by 2020, it had decided to exit the market due to challenges in securing necessary licenses and facing intense competition from established players like Uber and Bolt.
• Australia: Ola launched its services in Australia in 2019. Similar to the UK, it faced stiff competition from existing ride-hailing companies and difficulties in navigating local regulations. By 2021, Ola announced its withdrawal from the Australian market.
• New Zealand: Ola’s presence in New Zealand was short-lived. It entered the market in 2019 but exited by 2020 due to limited market share and fierce competition from local players.

Reasons for Ola’s Withdrawal

Ola’s withdrawal from these markets was driven by a combination of factors, primarily:

• Intense Competition: The ride-hailing market in the UK, Australia, and New Zealand was already dominated by established players like Uber, Bolt, and local competitors. Ola struggled to gain significant market share and compete effectively against these well-entrenched players.
• Regulatory Challenges: Obtaining necessary licenses and complying with local regulations posed significant hurdles for Ola. The complexities of navigating these regulations, particularly in the UK, added to the challenges of establishing a sustainable business.
• Financial Constraints: Ola’s international expansion strategy, while ambitious, required substantial investments to secure market share and compete with established players. The company faced financial constraints, particularly in the wake of the COVID-19 pandemic, which impacted its ability to sustain its international operations.

Financial and Operational Factors Contributing to Ola’s Decision

The decision to withdraw from international markets was likely influenced by a combination of financial and operational factors:

• High Operating Costs: Operating in international markets, particularly in developed countries like the UK, Australia, and New Zealand, comes with high operating costs, including driver acquisition, marketing, and regulatory compliance.
• Low Profit Margins: The ride-hailing industry is known for its low profit margins. Ola’s struggle to gain significant market share in these markets, coupled with high operating costs, likely resulted in low profit margins, making it difficult to sustain its operations.
• Impact of COVID-19: The COVID-19 pandemic significantly impacted the ride-hailing industry globally, leading to reduced demand and travel restrictions. This further exacerbated Ola’s financial challenges and made it difficult to justify continued investments in these markets.

Impact on Ola’s Global Presence

Ola’s retreat from international markets has had a significant impact on its global brand image and reputation. While the company’s decision to focus on its core Indian market was strategically sound, it also signals a shift in Ola’s ambitions and raises questions about its long-term global aspirations.

Impact on Brand Image and Reputation

Ola’s withdrawal from the UK, Australia, and New Zealand has raised concerns about its commitment to international expansion and its ability to compete on a global scale. Some industry experts believe that the retreat could negatively impact Ola’s brand image, particularly in markets where it had previously established a presence. However, others argue that Ola’s decision to focus on its core market could actually strengthen its brand image by demonstrating a commitment to sustainable growth and profitability.

Competitive Landscape in International Ride-Hailing Markets

The competitive landscape in the international ride-hailing market is dynamic and diverse, with varying levels of competition and market share across different regions. This section will compare and contrast the competitive landscapes in the UK, Australia, and New Zealand with the Indian market, identifying key players and analyzing factors contributing to their success or failure.

Comparison of Competitive Landscapes

The competitive landscapes in the UK, Australia, and New Zealand are characterized by the presence of established global players like Uber and Ola, alongside local ride-hailing companies and traditional taxi services. In contrast, the Indian ride-hailing market is dominated by Ola and Uber, with a smaller presence of local players.

• UK: The UK ride-hailing market is highly competitive, with Uber holding a dominant market share. Other key players include Bolt, Free Now, and local taxi services. The market is characterized by intense competition, with companies vying for market share through price wars, promotional offers, and service enhancements.
• Australia: The Australian ride-hailing market is similar to the UK, with Uber holding a significant market share. Other players include Ola, DiDi, and local taxi services. However, the market is less saturated compared to the UK, with room for growth for new entrants.
• New Zealand: New Zealand’s ride-hailing market is relatively smaller compared to the UK and Australia. Uber dominates the market, with Ola and local taxi services also present. The market is characterized by a slower pace of growth and a more fragmented landscape.
• India: The Indian ride-hailing market is dominated by Ola and Uber, with a smaller presence of local players like Jugnoo and Meru Cabs. The market is characterized by intense competition, driven by factors like rapid urbanization, increasing smartphone penetration, and a growing middle class.

Key Players and Market Share

The ride-hailing market in the UK, Australia, and New Zealand is largely dominated by Uber, with other players holding smaller market shares. In India, the market is dominated by Ola and Uber, with a smaller presence of local players.

• UK: Uber holds the largest market share in the UK, followed by Bolt and Free Now. The market is highly fragmented, with local taxi services also playing a significant role.
• Australia: Uber holds the largest market share in Australia, followed by Ola and DiDi. The market is less fragmented compared to the UK, with room for growth for new entrants.
• New Zealand: Uber dominates the New Zealand ride-hailing market, with Ola and local taxi services holding smaller shares. The market is relatively smaller and less fragmented compared to the UK and Australia.
• India: Ola and Uber dominate the Indian ride-hailing market, with a combined market share of over 90%. Local players like Jugnoo and Meru Cabs hold smaller market shares.

Factors Contributing to Success or Failure

The success or failure of ride-hailing companies in the UK, Australia, and New Zealand is influenced by various factors, including:

• Regulatory environment: Ride-hailing companies face varying regulatory environments in different regions. In some regions, regulations are more restrictive, which can hinder growth and profitability. For example, in the UK, regulations on ride-hailing companies have been stricter compared to Australia and New Zealand, leading to challenges for companies like Uber. In contrast, the Indian market has been more supportive of ride-hailing companies, with regulations being more flexible.
• Competition: The intensity of competition is a major factor influencing success. Markets with intense competition, like the UK and India, require companies to be highly competitive in terms of pricing, service offerings, and technology. Conversely, markets with less competition, like Australia and New Zealand, provide more opportunities for new entrants to establish a foothold.
• Customer preferences: Customer preferences play a significant role in determining the success of ride-hailing companies. Factors like pricing, convenience, safety, and reliability are key considerations for customers. Companies that effectively cater to these preferences are more likely to succeed. For example, in India, the focus on affordability and convenience has contributed to the success of Ola and Uber.
• Technology and innovation: Ride-hailing companies rely heavily on technology to operate efficiently and deliver a seamless customer experience. Companies that invest in technology and innovation are better positioned to succeed. For example, Uber’s focus on technology and innovation has been a key driver of its success globally.

Lessons Learned from Ola’s International Experience: India Ola Retreats From International Markets Exiting Uk Australia And New Zealand

Ola’s international foray, though ultimately ending in a retreat, provided valuable insights that can shape its future strategies. The company’s experience in diverse markets highlighted the importance of meticulous market research, understanding local nuances, and adapting to the unique challenges of each region.

Challenges of Operating in Diverse Markets

The complexities of operating in diverse markets were a key challenge for Ola. Each market presented unique regulatory frameworks, cultural preferences, and competitive landscapes. For example, in the UK, Ola faced fierce competition from established players like Uber and local taxi services. Similarly, Australia and New Zealand posed their own set of challenges, including strict regulations and varying consumer habits.

The Future of Ola’s International Expansion

Ola’s retreat from several international markets has led to a shift in its global strategy. While the company has acknowledged the challenges of navigating complex regulatory landscapes and fierce competition, it remains committed to exploring new avenues for international growth. This section examines Ola’s current international strategy, identifies potential new markets, and analyzes factors that will shape its future success in the global ride-hailing market.

Ola’s Current International Strategy

Ola’s current international strategy is focused on selective expansion, prioritizing markets where it can leverage its existing expertise and build a strong competitive advantage. This strategy involves:

• Focus on Emerging Markets: Ola is likely to target emerging markets with high growth potential and a rapidly expanding middle class, such as those in Southeast Asia and Africa. These markets offer a significant opportunity for Ola to capitalize on the increasing demand for ride-hailing services.
• Strategic Partnerships: Ola may pursue strategic partnerships with local players in target markets to gain access to existing infrastructure, local knowledge, and regulatory expertise. This approach can help Ola overcome some of the challenges associated with entering new markets.
• Technology-Driven Approach: Ola’s focus on technology innovation and data analytics will remain crucial for its international expansion. The company aims to develop solutions that address local market needs and enhance user experience, while optimizing operations and reducing costs.

Potential New Markets for Ola

Based on Ola’s current strategy and market trends, the following regions represent potential targets for future expansion:

• Southeast Asia: This region boasts a rapidly growing middle class, increasing smartphone penetration, and a favorable regulatory environment for ride-hailing services. Countries like Indonesia, Vietnam, and Thailand offer significant growth opportunities for Ola.
• Africa: With a large and youthful population, Africa presents a compelling market for ride-hailing services. Countries like Nigeria, Kenya, and South Africa are experiencing rapid urbanization and increasing demand for transportation solutions.
• Latin America: Countries like Mexico, Brazil, and Colombia have large urban populations and a growing demand for ride-hailing services. Ola could leverage its expertise in emerging markets to establish a presence in this region.

Factors Shaping Ola’s Future Success

Ola’s success in the global ride-hailing market will depend on several key factors:

• Regulatory Landscape: Navigating the complex and often evolving regulatory environment in different countries will be crucial for Ola’s success. The company will need to adapt its business model and operations to comply with local regulations and ensure sustainable growth.
• Competition: The ride-hailing market is highly competitive, with established players like Uber and Grab already holding significant market share in many regions. Ola will need to differentiate itself through innovative services, competitive pricing, and a strong brand presence to gain a foothold in these markets.
• Technological Advancements: The ride-hailing industry is constantly evolving, driven by advancements in technology like autonomous vehicles, electric vehicles, and artificial intelligence. Ola will need to invest in research and development to stay ahead of the curve and adopt new technologies to improve its services and maintain a competitive edge.
• Local Partnerships and Collaboration: Building strong relationships with local partners, including government agencies, transportation providers, and technology companies, will be crucial for Ola’s success. Collaboration can help the company gain access to local knowledge, resources, and regulatory approvals, while fostering a positive image in the community.

The Role of Government Regulations and Policies

Government regulations and policies play a crucial role in shaping the landscape of ride-hailing services, influencing the operations, growth, and sustainability of companies like Ola. Different countries adopt varying regulatory frameworks, creating diverse operating environments for these companies.

Regulatory Frameworks in Key Markets

The regulatory frameworks in the UK, Australia, New Zealand, and India differ significantly, impacting Ola’s operations in these markets.

• India: India’s ride-hailing sector is relatively liberal, with regulations evolving alongside the industry’s growth. Ola has benefited from this dynamic environment, leading to its dominance in the domestic market. However, the regulatory landscape has been marked by evolving licensing requirements, insurance regulations, and safety standards.
• UK: The UK has adopted a more stringent approach, with regulations focusing on driver licensing, vehicle safety, and insurance. These regulations have posed challenges for Ola’s operations, requiring compliance with stricter standards and potentially impacting profitability.
• Australia: Australia’s regulatory framework is a mix of state and federal regulations, creating a complex landscape for ride-hailing companies. Some states have adopted a more flexible approach, while others have imposed stricter regulations on licensing, vehicle standards, and driver background checks. This fragmented regulatory environment has added complexity to Ola’s operations in Australia.
• New Zealand: New Zealand’s regulatory environment for ride-hailing is relatively open, with a focus on safety and consumer protection. The regulations are generally less stringent compared to other markets, offering a favorable environment for Ola’s operations.

Challenges and Opportunities for Ride-Hailing Companies

Government regulations present both challenges and opportunities for ride-hailing companies like Ola.

• Challenges:
  • Compliance Costs: Meeting regulatory requirements can be costly, involving driver licensing, vehicle inspections, insurance, and other compliance procedures.
  • Operational Restrictions: Strict regulations on operating hours, service areas, and pricing can limit flexibility and hinder growth.
  • Regulatory Uncertainty: Evolving regulations and policy changes can create uncertainty and impact business planning.
• Opportunities:
  • Market Stability: Clear regulations can create a more stable and predictable market environment, attracting investors and promoting long-term growth.
  • Consumer Confidence: Regulations that prioritize safety and consumer protection can enhance public trust and encourage adoption of ride-hailing services.
  • Innovation: Regulations can encourage innovation in the industry, fostering the development of new technologies and business models that meet evolving needs.

The Future of Ride-Hailing in International Markets

The ride-hailing industry in the UK, Australia, and New Zealand is poised for continued growth, driven by evolving consumer preferences, technological advancements, and evolving regulatory landscapes. While Ola’s retreat from these markets reflects the complexities of international expansion, the underlying potential for ride-hailing remains substantial.

The Impact of Emerging Technologies and Trends on the Ride-Hailing Market, India ola retreats from international markets exiting uk australia and new zealand

Emerging technologies are shaping the future of ride-hailing, creating new opportunities and challenges.

• Autonomous Vehicles: The development of self-driving cars has the potential to revolutionize ride-hailing, offering increased safety, efficiency, and cost reductions. While still in the early stages of development, autonomous vehicles are expected to play a significant role in the future of ride-hailing. For example, Waymo, a subsidiary of Alphabet, has been piloting autonomous ride-hailing services in Phoenix, Arizona, demonstrating the potential for this technology.
• Electric Vehicles: The adoption of electric vehicles (EVs) is accelerating, driven by environmental concerns and government incentives. Ride-hailing companies are increasingly incorporating EVs into their fleets, offering eco-friendly transportation options. In the UK, the government has set ambitious targets for EV adoption, making it a key market for electric ride-hailing services.
• Micro-Mobility: The rise of shared scooters, bikes, and other micro-mobility options is expanding the scope of ride-hailing services. These options provide convenient and affordable transportation for short distances, complementing traditional ride-hailing services. For instance, Lime and Bird have successfully established micro-mobility operations in major cities across Australia and New Zealand, offering alternative transportation solutions.
• Data Analytics: Ride-hailing companies are leveraging data analytics to optimize their operations, improve efficiency, and enhance the customer experience. By analyzing data on rider behavior, traffic patterns, and demand fluctuations, companies can dynamically adjust pricing, optimize routes, and improve service quality.

Impact on Consumers and Drivers in International Markets

Ola’s decision to exit the UK, Australia, and New Zealand markets had a significant impact on both consumers and drivers who relied on the ride-hailing platform. The sudden withdrawal left consumers scrambling for alternative transportation options, while drivers faced the loss of a crucial income source.

Impact on Consumers

The withdrawal of Ola from these markets left consumers with limited choices for ride-hailing services. Many users were accustomed to the convenience and affordability offered by Ola, and its absence created a void in the transportation landscape. This led to:

• Increased reliance on existing ride-hailing platforms: Consumers had to turn to other ride-hailing services like Uber, Bolt, and local alternatives, which may have resulted in higher fares or less convenient service options.
• Limited choices and reduced competition: The exit of Ola reduced competition in the market, potentially leading to higher prices and fewer service options for consumers.
• Disruption to travel plans: Consumers who relied on Ola for their daily commute or travel plans had to adjust their schedules or find alternative transportation methods, causing inconvenience and potential disruptions.

Impact on Drivers

The sudden withdrawal of Ola had a significant impact on drivers who relied on the platform for their income. Many drivers had invested time and resources in becoming Ola partners, and the company’s exit left them with:

• Loss of income: Drivers who relied on Ola for their primary source of income faced a sudden loss of earnings, requiring them to find alternative employment opportunities.
• Reduced earning potential: The withdrawal of Ola reduced the overall number of ride-hailing opportunities in the market, making it harder for drivers to secure rides and earn a consistent income.
• Uncertainty about future earnings: Drivers who were accustomed to Ola’s platform and its earning structure faced uncertainty about their future income potential, as they had to adapt to new ride-hailing platforms or explore other employment options.

Financial Performance and Investment Implications

Ola’s foray into international markets was ambitious, aiming to replicate its success in India. However, the company’s financial performance in these markets was not as rosy as its domestic operations. This section analyzes Ola’s financial performance in international markets, examines the impact of its withdrawal, and explores the implications for its future investment strategy and fundraising efforts.

Financial Performance in International Markets

Ola’s financial performance in international markets was characterized by significant investments and high operating costs, with limited revenue generation. The company faced intense competition from established players like Uber and Grab, requiring substantial investments in marketing, subsidies, and driver incentives to attract users.

Ola’s financial performance in international markets was characterized by significant investments and high operating costs, with limited revenue generation.

Despite its efforts, Ola struggled to achieve profitability in these markets. The company’s financial performance was further impacted by regulatory challenges, local market dynamics, and the global economic slowdown.

Impact of Withdrawal on Ola’s Financial Performance

Ola’s withdrawal from international markets had a significant impact on its financial performance. The company incurred substantial write-offs related to its international operations, impacting its overall profitability.

Ola’s withdrawal from international markets had a significant impact on its financial performance. The company incurred substantial write-offs related to its international operations, impacting its overall profitability.

This decision also freed up resources that Ola could now allocate to its core Indian market and other strategic initiatives, such as its electric vehicle (EV) and financial services businesses.

Implications for Ola’s Future Investment Strategy and Fundraising Efforts

Ola’s retreat from international markets has shifted its investment focus to its domestic market and other strategic areas. The company is now prioritizing investments in its core ride-hailing business in India, expanding its EV ecosystem, and developing its financial services platform.

Ola’s retreat from international markets has shifted its investment focus to its domestic market and other strategic areas.

This strategic shift has implications for Ola’s future fundraising efforts. The company is likely to focus on attracting investors who are interested in its core Indian operations and its growth potential in the EV and financial services sectors.

Ola’s retreat from international markets has provided valuable lessons for its future expansion strategy. The company has learned the importance of carefully evaluating market conditions, competition, and regulatory landscape before entering new markets. Ola’s experience highlights the need for a well-defined strategy, a strong local team, and a commitment to long-term profitability.

Comparison with Other International Ride-Hailing Companies

Ola’s international journey, marked by its recent retreat from key markets like the UK, Australia, and New Zealand, provides a valuable case study for understanding the complexities of ride-hailing expansion. Comparing Ola’s experience with that of other global players like Uber and Lyft reveals both commonalities and unique challenges.

Success Factors and Challenges of Other Ride-Hailing Companies

This section examines the factors that have contributed to the success or failure of other ride-hailing companies in international markets. By analyzing the strategies employed by Uber and Lyft, we can gain insights into the key elements that drive success in this competitive industry.

• Uber’s Global Dominance: Uber’s global dominance is largely attributed to its aggressive expansion strategy, early entry into key markets, and strategic partnerships. Uber’s early mover advantage allowed it to establish a strong foothold in numerous countries, leveraging its brand recognition and network effects. Its focus on building a robust platform and leveraging technology for efficient operations has also played a significant role. However, Uber has faced regulatory challenges and controversies related to driver compensation, data privacy, and anti-competitive practices, which have impacted its operations in some markets.
• Lyft’s Focus on the US Market: Lyft, in contrast to Uber, has primarily focused on the US market, achieving a strong presence in its home country. Its emphasis on community engagement and driver-centric policies has resonated with users. However, Lyft’s limited international presence has restricted its global reach, limiting its potential to compete directly with Uber in key markets.

Lessons Learned from the Experiences of Other Ride-Hailing Companies

The experiences of Uber and Lyft provide valuable lessons for Ola. By analyzing their successes and challenges, Ola can refine its international expansion strategy and mitigate potential risks.

• Importance of Market Research and Adaptation: Uber’s experience highlights the need for thorough market research and adaptation to local regulations and consumer preferences. This involves understanding the specific needs and demands of the target market, including transportation habits, cultural nuances, and regulatory frameworks. Ola’s retreat from the UK market, likely influenced by the stricter regulations and existing competition, underscores the importance of conducting comprehensive market analysis before entering a new market.
• Strategic Partnerships and Local Collaborations: Uber’s success in some markets has been attributed to its strategic partnerships with local companies and stakeholders. These collaborations have helped Uber navigate local regulations, build relationships with local authorities, and access local resources. Ola can learn from this strategy by forging strategic partnerships with local ride-hailing companies, transportation authorities, and other relevant stakeholders in new markets.
• Building a Sustainable Business Model: Both Uber and Lyft have faced challenges in achieving profitability, particularly in emerging markets. This emphasizes the need for a sustainable business model that addresses the unique cost structures and revenue streams of each market. Ola’s international expansion strategy should focus on developing a model that balances growth with profitability, considering factors such as driver compensation, pricing strategies, and operational efficiency.

Closing Summary

Ola’s retreat from international markets serves as a cautionary tale for ambitious companies seeking global expansion. While the company’s domestic success in India is undeniable, its experience abroad underscores the need for a nuanced understanding of local markets, competitive landscapes, and regulatory environments. The future of Ola’s global ambitions remains uncertain, but the lessons learned from its recent withdrawal will undoubtedly shape its future expansion strategy. Whether Ola returns to these markets or seeks new opportunities elsewhere, its international experience will continue to inform its approach to global growth.

India’s Ola has been scaling back its international ambitions, exiting markets like the UK, Australia, and New Zealand. This retreat from global expansion comes at a time when concerns are mounting about the reliability of AI in providing accurate information, as highlighted by a recent article titled ais serve up garbage to questions about voting and elections.

Perhaps Ola’s decision to refocus on its domestic market is a reflection of the need for more reliable and trustworthy technologies in a world increasingly reliant on AI.