Colorado is at the forefront of the AI revolution, adopting applications across industries and leading the way with the Colorado Artificial Intelligence Act. This topic was highlighted at the 60th Annual Colorado Business and Economic Outlook Forum.
Audience members of the Colorado Business Economic Outlook Forum’s preconference session, “AI in Action: Transforming Business and Education in Colorado,” contributed a word cloud to describe AI. Photos were enhanced using Adobe Photoshop’s AI tools.
After 60 years of predicting economic trends in Colorado’s major industries, something that could not have been predicted even two years ago was the center of attention at the December 2024 Colorado Business Economic Outlook Forum. It’s artificial intelligence.
This theme called for a dedicated pre-conference workshop, “Harnessing AI: Transforming Colorado Business and Education.” Approximately 150 participants attended the workshop, led by Jeremiah Contreras (pictured below, left) and David Kohnke (right). Contreras, an assistant professor at the University of Leeds, won a teaching award for integrating AI into the classroom. Kohnke, a senior IT director at Leeds, has helped staff and faculty develop best practices for integrating AI into the workplace to achieve efficiency gains.
Their presentations ranged from the history and practical applications of AI to its future direction, ethical considerations, and legal implications.
Colorado is the star
Like other parts of the world, AI is transforming industry in Colorado. Compared to other states, Colorado has emerged as a national leader in AI adoption and regulation.
This leadership is exemplified by the Colorado Artificial Intelligence Act, passed in May 2024, demonstrating Colorado’s proactive approach to protecting the responsible use of AI. This is the first comprehensive state law in the United States regarding the development and deployment of AI. The law will go into effect in February 2026 and aims to prevent algorithmic discrimination in AI systems used for job screening.
understand the landscape
Since releasing OpenAI’s ChatGPT in November 2022, Contreras has been researching how society and businesses are responding to the rapid evolution of AI. He has spearheaded efforts to train staff and students at the University of Leeds to ensure that future leaders are equipped to navigate this period of change.
“After I got over the fear, there was excitement,” Contreras said of his initial reaction to AI’s rapid advances.
AI adoption is accelerating, and the statistics back up its explosive growth. Contreras explained that while large companies were the first movers, small and medium-sized enterprises are now adopting AI at a faster pace than mid-market companies. For these small businesses, AI provides efficiencies and automation that level the playing field.
“For context, ChatGPT had 1 million users in the first five days of release,” Contreras said. “We currently have 300 million new users each week and process approximately 1 billion messages each day.”
Real-world applications of AI
Kohnke and Contreras cited examples where AI applications are already being used.
energy and sustainability
The National Renewable Energy Laboratory (NREL) leverages AI to predict energy demand, optimize smart grids, resolve faults in real time, and enhance the use of alternative power sources such as solar panels. On a personal level, tools like the Google Nest thermostat use AI to adapt to your preferences and weather conditions to save energy.
AI is revolutionizing healthcare through predictive tools that analyze medical images for early detection of diseases. Enabling healthcare professionals to take real-time notes and assist in diagnosis, even in veterinary medicine, is just the beginning of AI’s potential.
AI enhances fraud detection, streamlines audits, and provides personalized financial advice. Leading companies, including the Big Four accounting firms, will invest billions of dollars in AI over the next few years. education
From K-12 to higher education, AI is enabling personalized learning experiences and transforming the way students and educators interact with information. real estate
AI tools are improving real estate valuations and helping people find and buy their dream homes. agriculture
AI is enabling precision agriculture, from advanced weather forecasting to identifying plant diseases. Autonomous agricultural machines like John Deere’s AI-powered tractors are on the horizon.
Evolution of AI
From early human-based algorithms and neural networks to today’s generative AI, including large-scale language models (LLMs), progress has been rapid. These models rely on vast datasets for training, allowing them to perform increasingly complex tasks.
However, reliance on data also raises concerns about privacy, bias, and ethical use.
Ethical implications and challenges
Imperfections in AI are an important consideration. Kohnke noted that AI can still frequently cause hallucinations, meaning it can produce false information or misleading results.
“The secret is data. LLM training requires a lot of data,” says Contreras. However, this dependency introduces risks, including the potential for misuse of confidential or proprietary information.
Contreras and Kohnke also pointed to the potential problem that over-reliance on AI could undermine critical thinking and creativity.
Trust, ethics, and privacy remain key areas that require continued scrutiny and will guide new regulations and standards.
Top recommendations for using AI today
Kohnke and Contreras shared practical insights for navigating the AI environment.
Validate results: Always validate the output of your AI tools. Challenge your hypotheses: Use generative AI to test your hypotheses and refine your ideas. Leverage AI as a thought partner: Generative AI excels at synthesizing large datasets, summarizing and brainstorming new ideas. Break your traditional search habits. : Experiment with unique features of AI, such as asking it to generate questions. Always include human oversight of AI-generated results and maintain a human-involved approach. Be curious: Take on low-risk projects to explore the potential of AI without taking big risks.
The way forward
“It’s impossible to keep track of everything that’s happening in the AI space right now,” Kohnke said. He noted that the pace of change is staggering, with breakthroughs occurring hourly, daily, and weekly.
Contreras said education plays a key role in preparing future leaders to harness the potential of AI. “We’re always looking for opportunities to collaborate so we can understand and move forward on how to help businesses. No one has all the answers. .”
As the world grapples with the complexities of AI, Contreras cited Albert Einstein’s guiding principles. “I have no special talent, just a passionate curiosity.”
In response to this topic, this article was enhanced using OpenAI’s ChapGPT.
