The AI business is surging. A swell of vendors is rushing out new AI products, while others shoehorn AI features into existing products. This frothy market leaves companies facing substantial odds that the AI product they buy carries performance or legal risks. The AI Procurement Lab has published some of the most developed resources available to help organizations safely procure AI and manage AI vendors’ risks. We spoke to co‑founder Cari Miller about this new AI governance challenge. This first article in a two-part series reflecting our conversation with Miller covers a new pathbreaking standard for AI procurement and initial steps for companies to take so they are prepared to judiciously vet and buy AI products, including how to change the entrenched procurement culture and key questions to ask. Part two will delve into assessing risk tolerance and contract considerations, including necessary transparency and handling proprietary information. See “Key Legal and Business Issues in AI-Related Contracts” (Aug. 9, 2023).