The European Union’s new AI Act has been officially released. This new act aims to “foster trustworthy AI in Europe and beyond, by ensuring that AI systems respect fundamental rights, safety, and ethical principles and by addressing risks of very powerful and impactful AI models”. However, this comprehensive AI regulation would bring changes that would impact small and medium-sized enterprises (SMEs) by requiring adherence to ethical guidelines and transparency, making it essential for them to understand and navigate these new regulations. To ensure the AI Act doesn't stifle innovation for SMEs and startups, the European Commission (EC) has provided provisions to help them develop responsible AI systems while fostering innovation. This article focuses on those provisions since SMEs affected by the AI Act should understand what the AI Act is and the provisions made by the EC from which they can benefit.
Overview of the AI Act
The EU AI …