As artificial intelligence becomes integral to products, operations, and enterprise value, companies and investors are paying closer attention to the risks that accompany its use. Issues such as data privacy, security, model safety, governance, and accountability increasingly shape how AI-enabled companies are evaluated in high-stakes transactions.
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.
Your insights will help inform practical guidance for investors, acquirers, and AI-enabled companies navigating diligence and acquisition processes.
Survey Details
- The survey takes approximately 5 minutes
- All responses are confidential and anonymized
- Findings will be aggregated and used solely for research purposes
- Insights will help identify emerging expectations and best practices around AI governance, risk management, and acquisition readiness
- Research findings will be shared with industry participants and used to help companies and investors better navigate AI-related diligence and integration challenges
As a thank you for participating, the research team will make a $50 donation to Feeding America for each completed survey.
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