Over 100 companies have signed the EU AI Pact, pledging voluntary commitments to foster responsible AI development. The Pact supports industry efforts to begin applying the principles of the EU’s AI Act ahead of its full application, promoting collaboration between the EU AI Office, industry, civil society, and academia. Participating companies agree to take at least three core actions: (1) Implementing an AI governance strategy to comply with the AI Act; (2) Mapping AI systems likely to be classified as high-risk; (3) Promoting AI literacy and ethical development among staff. This initiative is part of a broader AI innovation package, introduced in January 2024, which includes venture capital support, access to supercomputers, and the establishment of a European AI Research Council. These efforts align with the AI Act, which entered into force on 1 August 2024 and will become fully applicable within two years, ensuring that Europe remains a leader in safe and innovative AI development.