sifted: “EU lawmakers finally came to an agreement on the AI Act at the end of 2023 — a piece of legislation that had been in the works for years to regulate artificial intelligence and prevent misuses of the technology. Now the text is going through a series of votes before it becomes EU law and it is looking likely that it will come into force by summer 2024. That means that any business, big or small, that produces or deploys AI models in the EU will need to start thinking about a new set of rules and obligations to follow. No company is expected to be compliant immediately after the law is voted through — in fact, most businesses can expect a two-year period of transition. But it’s still worth doing some planning ahead, especially for startups with smaller or no legal teams.  “Don’t bury your head in the sand,” says Marianne Tordeux-Bitker, director of public affairs at startup and VC lobby France Digitale. “Implement the processes that will enable you to anticipate.” “Those that get started and develop systems that are compliant by design will develop a real competitive advantage,” adds Matthieu Luccheshi, specialist in digital regulation at law firm Gide Loyrette Nouel. Since a read through the AI Act is likely to raise more questions than it answers, Sifted put together the key elements that founders must be aware of as they prepare for the new rules…”