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Markkula Center for Applied Ethics

Responsible AI Venture Council (RAIVC)

The Responsible AI Venture Council (RAIVC) is an initiative of the the Lucas Institute for Venture Ethics. The RAIVC, comprising researchers, product developers, industry partners, founders, venture capitalists, and limited partners, will produce a concise framework of ethical principles and practices guiding investment considerations in responsible AI. The framework and guidelines will build on the experience and expertise of the Markkula Center for Applied Ethics. 

Responsible AI Venture Council Director
Tracy Barba
Director role: Facilitate meetings, consolidate feedback, review documents, produce drafts, and publish guidelines

Council Member Responsibilities
Participate in group calls
Provide meaningful feedback on drafts and supporting material
Support the broader adoption of the guidelines 
Allow their firm's name to be credited in communications

Time commitment: 5 virtual meetings (60 - 90 minutes) between August 2023 and December 2023

If you are interested in joining the council, please contact


RAIVC Objectives

The council aims to develop guidelines for venture capitalists to reference when investing in companies developing and deploying responsible AI.

In its development, we would seek to:

  • Create a practical framework that outlines ethical principles for investing in generative AI that align with relevant regulatory and compliance frameworks.
  • Encourage investments prioritizing safety, security, transparency, and accountability. 
  • Address the importance of openness and disclosure and investment practices. 
  • Build trust among stakeholders, including investors, researchers, developers, and the public.
  • Address ethical challenges such as bias mitigation, privacy protection, data governance, accountability, and potential unintended consequences.
  • Involve a collaborative and interdisciplinary approach that incorporates diverse perspectives and expertise into the guidelines.

RAIVC Benefits

Adoption in the venture capital industry would:

  • Enhance Reputation and Trust: A commitment to ethical considerations can build trust among investors, entrepreneurs, and other stakeholders, enhancing the industry's overall reputation.
  • Improved Risk Assessment and Mitigation: By considering ethical implications, such as potential biases, privacy concerns, and unintended consequences, venture capitalists can proactively identify and address risks, leading to more informed investment decisions.
  • Long-Term Sustainable Growth: Investing in generative AI technologies that align with public values enhances the likelihood of success and widespread adoption, creating a sustainable growth trajectory for both ventures and investors.
  • Early Identification of Legal and Regulatory Compliance: Ethical guidelines provide a proactive approach to legal and regulatory compliance, ensuring compliance with emerging standards and regulations.
  • Alignment with Investor Values: By adopting ethical guidelines for investing in generative AI, venture capitalists can attract a broader range of investors committed to responsible and impactful investments, expanding their investor base and potential funding opportunities.
  • Collaboration and Knowledge Sharing: By collectively addressing ethical challenges and sharing best practices, the industry can foster a culture of continuous learning and improvement, raising the overall ethical standards in venture capital.

RAIVC Process and Timing

RAIVC Process and timing May, 2023 through Jan., 2024.

RAIVC Stakeholder Survey Overview

We are surveying the venture capital industry as well as its stakeholders in order to better understand managers’ emerging practices in risk management and management of broader ethical issues, such as algorithmic bias and governance considerations in AI. 

RAIVC’s goal is to facilitate peer-based learning by enabling survey respondents to benchmark their responses to anonymized responses. We will also use the responses to identify tools and training priorities and inform guidelines.

The survey consists of multiple-choice questions and should take less than 5 minutes to complete. Survey participants will be able to see how their responses compare to other participants as they fill out the survey.  Participants will also receive a summary of the survey results once the survey is closed.