RESPONSIBLE INNOVATION LABS INC

Responsible Innovation Labs ("RIL") continues to refine its purpose, priorities, and business model. We exist to make responsible innovation ("RI") actionable for startups and their investors. We believe this new mindset and operating norm will help the next generation of companies to win - accelerating transformative innovation for people and planet, building trust in ambitious technologies, and leading responsibly in an increasingly complex world. We have made progress on three fronts: (1) iterating on RIL activities as part of our learning agenda; (2) launching a strategy sprint; and (3) reflecting on lessons learned to inform our go forward strategy. First, we continue to pilot programs and activities. We launched our Responsible AI ("RAI") Framework for startups and VCs in Nov. 2023. This framework led to an ongoing community of practice of VCs who rarely occupy the same learning environment together. The framework was endorsed by 100+ organizations, including more than 50 VCs. We continued publishing our weekly newsletter on AI, policy, and RIL's activities. Our convenings continue to provide a service to investors, operators, and LPs. RIL's nascent attempts to engage LPs have demonstrated that we are capable of convening LPs representing more than $500 billion in AUM. We are encouraged that our activities have been met with positive reviews. We also know we need to improve the metrics to determine our impact beyond the inputs (e.g., # of attendees, signatories count, magnitude of AUM, etc.). These recent efforts have helped us refine our value proposition and how we communicate it (e.g. updated RIL website, slide deck materials, RAI marketing and press strategy). Before we seek recurring revenues from industry, we must refine our go forward strategy, business model, and value proposition to ensure utility for our audiences. Second, we are developing the next iteration of RIL. In Sept. 2023, RIL hired its new Executive Director, Gaurab Bansal, to bring cross-sector experience, mission-alignment, and leadership. Gaurab had a running start with ongoing RAI activities and both RAI's launch and the annual summit anticipated for mid Nov. 2023. Key to developing this next iteration of RIL was taking the opportunity to evaluate our existing and proposed programming. We took this opportunity with the summit by deciding to postpone it to 2024; this was also in the interests of building a larger capital reserve to ensure we could adequately resource it. One of Gaurab's early priorities was to undertake a strategy sprint to develop a business model for RIL's next chapter. The goal of our strategy process is to develop a financially viable roadmap and set of programs aligned with RIL's mission. We also view board expansion and strengthening our fiduciary mechanisms at the board level as opportunities to evolve RIL going forward. Third, and finally, we've learned some important lessons which we are incorporating in our strategy process.