The Markkula Center for Applied Ethics at Santa Clara University is conducting a research study to understand which AI risks matter most to decision-makers during mergers and acquisitions, and how those risks are identified, assessed, and managed in practice. Supported by a grant from the Ford Foundation and Omidyar Network, the study sits within the Center’s Venture Ethics work, which examines how ethical considerations intersect with capital formation, innovation, and long-term value creation.
What the Study Examines
Through confidential interviews with senior deal professionals, the research explores:
- How acquirers evaluate AI privacy, security, and safety risks during diligence
- Which AI-related issues most often create uncertainty, delay, or concern in transactions
- How responsibility for AI risk is assigned across legal, technical, and business teams
- How expectations around AI governance are evolving as AI becomes more central to enterprise value
The goal is to surface how AI risk is assessed in real transactions and where shared expectations are beginning to emerge.
Why This Research Matters
For venture-backed and growth-stage companies, acquisitions remain a primary exit pathway. At the same time, acquirers and investors face increasing pressure to understand AI-related risks that can affect valuation, integration, and long-term outcomes.
By grounding Venture Ethics research in real M&A decision-making, this study aims to help companies and investors better understand the AI risks that matter most and how those risks are being evaluated across the market.
Research Team
This study is led by researchers at Santa Clara University:
- Tracy Barba, Director of Venture Ethics, Markkula Center for Applied Ethics
- Ann Skeet, Senior Director, Leadership Ethics, Markkula Center for Applied Ethics
- Dr. Vyas Sreenivas, Assistant Professor of Entrepreneurship, Leavey School of Business
Participants Sought for This Research
The research team is seeking participation from professionals directly involved in evaluating AI-enabled companies, including:
- Corporate development executives, including business, legal, and risk leaders engaged in M&A diligence
- Private equity executives responsible for acquisitions, diligence, and portfolio oversight
- M&A advisors, including legal firms and other advisors supporting AI-related transactions
How to Participate
Participation involves a confidential 30-minute interview. All responses are anonymized, and no individual or organization will be identified in any publication or presentation.
As a gesture of appreciation, a $250 donation to Feeding America is made for each completed interview by March 30, 2026.
If you are interested in participating, contact Tracy Barba at tbarba@scu.edu