Dan Nechita, EU Director at the Transatlantic Policy Network, played a crucial role in negotiating the EU AI Act. He discusses how this groundbreaking regulation, effective August 1, 2024, will reshape AI development by introducing risk classifications and compliance requirements. Dan emphasizes the importance of AI literacy to mitigate biases and prepare teams for new challenges. The conversation also touches on the Act's potential impacts on innovation and economic growth, alongside the need for organizations to adapt proactively.