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Top VC Firms Sign Voluntary Commitments for Responsible AI Use

Nov 14, 2023 - news.bensbites.co
Nearly three dozen venture capital firms have agreed to a set of voluntary commitments regarding the responsible development of artificial intelligence (AI) technology in startups they support. The commitments were developed with input from the Biden administration and are set to be released by Responsible Innovation Labs (RIL), a nonprofit coalition of investors and tech executives.

The new guidelines include pledges to ensure organizational buy-in within startups for responsible AI, to forecast AI risks and benefits, and to audit and test for product safety. The US Commerce Department, academics, and civil society groups were consulted in the creation of the voluntary agreement. The agreement will be discussed at a roundtable in San Francisco with Commerce Secretary Gina Raimondo.

Key takeaways:

  • Nearly three dozen venture capital firms have signed a set of voluntary commitments for responsible AI development in startups, with input from the Biden administration.
  • The guidelines were developed by Responsible Innovation Labs (RIL), a nonprofit coalition of investors and tech executives.
  • The guidelines include pledges to secure organizational buy-in within startups, forecast AI risks and benefits, and audit and test to ensure product safety.
  • The group consulted with the US Commerce Department, academics, and civil society groups to create the voluntary agreement, and will discuss it at a roundtable in San Francisco with Commerce Secretary Gina Raimondo.
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