2023 in Review - Pioneering a New Era in AI Governance

Credo AI is at the forefront of the AI governance revolution

2023 marked a seismic shift in the AI ecosystem, with AI redefining how we understand and interact with technology. At the heart of this revolution stood Credo AI, leading the charge in generative AI and building the foundational guardrails that define AI governance. We didn't just participate in the AI revolution; we steered its course, ensuring that our advancements in technology were matched by our commitment to innovating responsibly, safely, and efficiently with AI.

In 2023, Artificial Intelligence stepped out of the shadows and experienced a groundbreaking transformation that reshaped industries, societies, and the way we perceive technology. Leading this transformation was ChatGPT, introducing generative AI and large language models to the masses, while Bard, LLaMA, and Claude followed suit. Dall-E and Stable Diffusion unleashed a digital storm with AI-generated images, allowing the creation of intricate visuals with one simple prompt. From social media to the newspapers or the way we work and communicate, AI and of course, Generative AI, completely stole the show in 2023. 

But in 2023, the normalization of AI led to something even more critical; the proliferation of ethical debates surrounding the use and development of AI. Customers, users, and even vigilant observers became deeply concerned about the risks AI represents—such as bias or hallucinations— and were vocal in demanding transparency and accountability from companies building, deploying, or buying this technology. Driven by the masses, the need for governance became a critical point of discussion from boardrooms to the public sphere.

And the ecosystem took notice.

On one front, AI vendors, enterprises, and startups embarked on a journey to gain deeper insights into responsible AI. Concepts like oversight and accountability surged to the forefront, becoming pivotal considerations for companies looking to harness the full potential of Artificial Intelligence. Here, Credo AI took an integral role in supporting companies worldwide to operationalize AI governance with our Responsible AI Governance Platform. 

Simultaneously, as companies took responsible AI from talk to action, the policy landscape mirrored this progression. We observed the swift and purposeful development of crucial regulations and standards, exemplified by political agreement on the EU AI Act, President Biden signing the White House Executive Order on “Safe, Secure and Trustworthy AI,” the Draft OMB Guidance on federal procurement of AI, global agreement from leading economies on the G7 AI Code of Conduct as part of the "Hiroshima AI process,” the NIST AI RMF and the new NIST AI Safety Consortium Institute. All these were meticulously created to safeguard humanity while fostering innovation on a global scale. In 2023, the AI policy ecosystem left no room for ambiguity: the release of regulations, standards, and best practices has just begun, and we should expect the continued evolution of real and concrete AI guardrails in 2024.  

This momentum extended beyond the industry to Credo AI as well. Thanks to our product innovations, our AI expertise, policy leadership, and mission to ensure that AI is always in service to humanity, Credo AI experienced significant growth this year. We have 3x our customer base, added four key product offerings to our Responsible AI Governance Platform, and increased our global team by 63% — hiring diverse, top talent worldwide and expanding in Europe.

As we close out 2023, I want to express my deepest gratitude to all of you: our customers, partners, investors, advocates, families and friends. Your steadfast support has been instrumental in Credo AI's transformative journey and impact throughout 2023. We've accomplished so much this year, and we're excited to seize the opportunities that await us in 2024. The era of AI governance is just beginning — and at Credo AI, we intend to lead the AI revolution.

Thank you again for your support this year, and may the holiday season bring you joy, peace, and cherished moments! 

Best,

Navrina Singh, 
Founder & CEO,  Credo AI

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Responsible AI Governance: Our Core Mission and Global Recognition

As AI became more integrated into daily life, the importance of Responsible AI Governance skyrocketed. Credo AI responded with agility and vision, pioneering the Responsible AI Governance Platform. Our efforts placed us at the epicenter of global discussions, influencing the trajectory of AI governance and setting a gold standard for the industry.

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Four Product Breakthroughs in AI Governance: Shaping the Future of AI

In 2023, Credo AI wasn't just ahead of the curve; we were creating it. Our four stellar product launches - Generative AI Guardrails, AI Registry, EU AI Act Readiness Offering, and AI Trust Reports - have been nothing short of game-changing, transforming the landscape of AI governance and positioning Credo AI as a beacon of trust and excellence in the AI world.

In 2023, we improved and optimized our Responsible AI Governance Platform to ensure it delivers the highest value to our customers and supports them in their journey operationalizing Responsible AI. But we didn’t stop there. This year, we achieved significant milestones with four industry-changing product launches:

1. AI Registry: We introduced an organized approach to AI governance with the AI Registry! Get full visibility into where and how your organization is using AI with an AI Registry, the first step towards comprehensive AI governance at scale.
   
2. Generative AI Guardrails: We expanded the Credo AI Governance Platform to support governance of third-party generative AI tools, so our customers can adopt generative AI quickly and safely.‍
3. EU AI Act Readiness Offering: To align with forthcoming regulations, we launched an offering to help organizations prepare for the EU AI Act by creating their AI Registry, identifying which of their Use Cases fall into the “High Risk” category in the June draft of the EU AI Act text, and assessing their readiness to meet the requirements of the expected AI Act and other AI regulations. ‍
4. AI Trust Reports: Our standardized AI Trust Reports make it easier for generative AI vendors to address enterprise concerns during the sales cycle, supporting them in building trust with their customers and increasing the velocity of their sales cycle. 

These innovations have made Responsible AI a reality for enterprises, and we look forward to further advancements in 2024 to support your business objectives while ensuring AI's responsible and ethical use!

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Elevating AI Policy: Credo AI’s Global Leadership and Influence

Credo AI's voice resonated across the globe in 2023, marking us as trailblazers operationalizing policy into products. We didn't just participate in key forums; we influenced them. Our presence at pivotal events, such as the White House Executive Order signing and the AI Insight Forum, underscored our leadership and commitment to shaping AI policy at the highest levels.

2023 was a big year for policy at Credo AI, and we are proud to say we were present at two of the most important forums of 2023! Our CEO and Founder Navrina Singh and Policy Team were present at the White House Executive Order signing on Safe, Secure, and Trustworthy Artificial Intelligence on October 30th, and participated in Senator Schumer’s AI Insight Forum on Transparency, Explainability, Intellectual Property, & Copyright (read Credo AI's written statement here) on November 30th. As a Member of President Biden’s National AI Advisory Committee (NAIAC), Navrina also presented the year-long efforts of the (NAIAC to shape President Biden’s approach to AI policy at the U.S. Department of Commerce public hearing in May.

In 2023, we had the privilege of collaborating closely with the National Institute of Standards and Technology on the AI Risk Management Framework (RMF) 1.0, as the only start-up invited to speak alongside NIST at the RMF launch event and attending the launch of the new NIST AI Safety Institute Consortium (receiving a personal invitation to participate). Credo AI continued its active participation in the OECD.AI AI Risk and Accountability Expert Working Group meetings at the OECD Headquarters in Paris in both April and November and attended the “AI Fringe” Conference in London on the margins of the UK AI Safety Summit. The Policy team also engaged with U.S. state-level representatives through a multi-state coalition led by Sen. Katie Hester (MD) and with Sen. Maroney (CT) providing guidance on transparency mechanisms and governance artifacts. 

In terms of strategic partnerships, Credo AI was invited to join the AI Verify Foundation hosted by the Singapore government (IMDA) and, together with our partner iconomy, designed a workshop for enterprises preparing for the EU Al Act, with participation from the German Ministry for Economic Affairs. Credo AI joined the Partnership on AI, the International Association of Privacy Professionals (IAPP) and the Responsible AI Institute to strengthen cross-sector collaboration and translate AI governance insights into actionable guidance. We continued our collaboration with the World Economic Forum as a member of the AI Governance Alliance, participating in the Responsible Applications and Transformation Workstream.

In 2024, we look forward to continuing to strengthen our collaboration with the ecosystem by participating in critical initiatives like NIST’s AI Safety Institute Consortium, the EU AI Pact, multi-state legislative efforts on AI, and engaging with U.S. federal agencies as they operationalize the White House Executive Order and the OMB Guidance on Federal Procurement of AI.

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Engaging the World: Our Unprecedented Impact building a Responsible AI Ecosystem and Empowering Leaders.

Our initiatives in 2023 transcended boundaries, engaging with customers, policymakers, and the AI community at large. From our first-ever Responsible AI Leadership Summit to our influential appearances in top-tier media, Credo AI was not just a participant in the AI conversation – we were leading it.

In 2023, we took significant steps to engage with our valued customers and the broader AI community. One notable initiative was the launch of our Customer Advisory Board (CAB) in September, a program that allows us to collaborate with our esteemed customers, shaping the future of AI governance and paving the way for meaningful best practices sharing in responsible AI.

We also hosted our first-ever Responsible AI Leadership Summit at Lincoln Center, in New York with more than 125+ global attendees and 20+  panelists. Themed "Make It Real," the Summit emphasized the urgency of translating AI governance principles into actionable strategies, especially in light of recent global events like the White House AI Commitments, the G7 Summit, and the politically agreed AI Act. If you could not attend, we invite you to watch all panels now on-demand, click here!

Our platform and policy leadership attracted significant analyst and media attention. We proudly earned a spot on CBInsights AI 100 list and were featured in more than 15 analyst reports from top firms including Gartner, Forrester and IDC. Reports such as Gartner's "CTO's Guide to the Gen AI Landscape", Forrester's "Get AI Governance Just Right," and the IDC MarketScape: Worldwide AI Governance Platforms 2023 Vendor Assessment underscored our profound expertise, dedication to the industry, and the robust capabilities of our platform.

Additionally, Credo AI garnered nearly 100 top tier media and speaking opportunities including, print, podcasts, broadcast, events and more. A few highlights include appearances on stage at Fortune Brainstorm Tech, TechCrunch Disrupt, and Bloomberg Technology Summit;  publications and research include CNBC, Business Insider, TechCrunch, World Economic Forum, The Verge, Fortune, Axios, VentureBeat, Fast Co; and several exciting appearances on Bloomberg TV.

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2024: Predictions for the New Era of AI Governance

As we enter 2024, the landscape of AI governance is poised for transformative change. We foresee AI governance becoming an indispensable part of corporate strategy, public markets embracing responsible AI, and a significant evolution towards 'fit-for-purpose' AI solutions. The AI ecosystem will witness a discerning approach from venture capital and a consolidation in the generative AI startup scene, with Credo AI continuing to lead and innovate at every step.

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‍AI Governance: The New Essential Budget Item

AI governance will transition from an afterthought to a fundamental budgetary consideration for companies. The widespread adoption of generative AI will necessitate substantial investments in governance frameworks. This commitment will be viewed as essential for unlocking the full potential of AI technologies while effectively navigating the intricate web of ethical, safety, and compliance challenges. This shift signifies a maturation of the market, where the value of AI is not solely measured by technological prowess but also by its alignment with societal and ethical norms.

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‍Public Markets Will Embrace Responsible AI

With global AI regulations becoming more stringent, market leaders will distinguish themselves through the seamless integration of trust, safety, and compliance with cutting-edge technological investments. This trend underscores a pivotal shift, highlighting that companies capable of balancing innovation with ethical practices will not only meet regulatory standards but also emerge as frontrunners in the rapidly evolving AI landscape.

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‍The Enterprise Will Shift Towards 'Fit-for-Purpose' AI Solutions

Organizations will prioritize "fit-for-purpose" AI for better governance, shifting away from one-size-fits-all models. Marketing AI will include safeguards like word filters and real-time fact-checking, while AI for code generation will seamlessly integrate into development processes. Drawing from the lessons of 2023, more enterprises will restrict consumer apps like ChatGPT, replacing them with specialized AI solutions that establish guardrails to manage risks.

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‍Venture Capital Will Scrutinize More AI Investments

2024 will see the capital move towards the application and toolset layer. Investors, now acutely aware of the potential risks and ethical considerations tied to AI, will adopt a more rigorous approach when evaluating AI startups. Their focus will extend beyond innovation and profitability to encompass the strength of governance and ethical AI frameworks. This change reflects the growing realization that long-term success in the AI arena hinges not just on technological prowess but also on the ability to navigate the complex terrain of safety and ethics from the ground up.

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‍Generative AI Startups: Bust After Boom

In 2024, the generative AI startup landscape will experience a significant shift, with many disappearing due to a lack of distinctive, sustainable moats. The survivors will be those who have not only innovated to deliver differentiated value to their customers but also done so in a trusted and governed manner. These companies will stand out by integrating robust AI governance frameworks, ensuring ethical AI practices that resonate with a market increasingly focused on AI's societal impact. Hence, the secret to lasting success in the generative AI field will hinge on balancing groundbreaking innovation with the strategic embedding of trust and ethical governance as fundamental business principles.

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‍AI Literacy Will be an Essential Investment

In 2024, a profound shift towards AI literacy will take center stage in the business world. Risk, compliance, and policy teams across various industries will actively seek education in AI and generative AI, striving to achieve certification in AI governance. This surge in interest will drive organizations to heavily invest in upskilling and reskilling their workforce, aiming to deeply understand the risks and opportunities presented by AI technologies. As a result, we will witness the emergence of new job functions specifically tailored to AI governance, reflecting the evolving needs and integration of AI in business operations. This trend will mark AI literacy not just as an optional skill, but as a crucial investment for future-proofing businesses.

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As we stand at the threshold of 2024, it's clear that Responsible AI and AI Governance are becoming critical endeavors for businesses all over the world. The year ahead will bring a more mature AI market, a stronger focus on governance, closer scrutiny, and a commitment to balancing innovation with trust and following rules—and we cannot wait to see everything unfold and support the ecosystem move forward. 

The path of AI governance is uncharted and brimming with possibilities. At Credo AI, we don't just navigate this path; we aspire to pave it. Our journey this past year has been nothing short of revolutionary, and the road ahead promises even greater transformations.

Together, we can shape a future where AI is not only advanced and innovative but also responsible and human-centric. The future of AI and its governance is not just in our hands—it's in yours too. We invite you to join us in this exciting endeavor.