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Colorado is at the forefront of the AI revolution, adopting applications across industries and leading with the Colorado Artificial Intelligence Act. This topic was a spotlight at the 60th annual Colorado Business Economic Outlook Forum.

Audience members at the AI in Action: Transforming Business and Education in Colorado pre-conference session at the Colorado Business Economic Outlook Forum contributed to a word cloud describing AI. The photo was enhanced using the AI tool in Adobe Photoshop.

After 60 years of forecasting economic trends in Colorado’s mainstay industries, something that couldn’t have been predicted even two years ago took center stage at the December 2024 Colorado Business Economic Outlook Forum: artificial intelligence.

The topic warranted a dedicated pre-conference workshop: “AI in Action: Transforming Business and Education in Colorado.” �������� 150 attendees participated in the workshop led by Jeremiah Contreras (pictured below on the left) and David Kohnke (right). Contreras, a teaching assistant professor at Leeds, won a teaching award for integrating AI into the classroom. Kohnke, Leeds’ senior IT director, has been assisting staff and faculty in developing best practices for integrating AI into the workplace to realize efficiency gains. 

Their presentation ranged from the history and practical applications of AI to its future directions, ethical considerations and legal implications.

Colorado in a leading role

Like the rest of the world, AI is transforming Colorado’s industries. Compared to other states, Colorado has emerged as a and regulation.

This leadership is exemplified by the , passed in May 2024, demonstrating Colorado’s proactive approach to safeguarding the responsible use of AI. It’s the first comprehensive state law in the U.S. regarding AI development and deployment. The law, which takes effect in February 2026, aims to prevent algorithmic discrimination in AI systems used for job screening.

Understanding the landscape

Since the release of OpenAI’s ChatGPT in November 2022, Contreras has studied how society and businesses are responding to the rapid evolution of AI. He has spearheaded initiatives to train Leeds faculty and students, ensuring that future leaders are equipped to navigate this transformative era.

“After I got over the fear, there was excitement,” said Contreras, reflecting on the initial reactions to AI’s rapid advancements.

AI adoption is accelerating, with statistics underscoring its explosive growth. Large companies have been the frontrunners, but are now adopting AI at a faster rate than medium-sized enterprises, Contreras explained. For these smaller businesses, AI offers efficiencies and automation that level the playing field.

“To put it into context, ChatGPT had 1 million users in the first five days of release,” said Contreras. “Today, there are 300 million new users every week, with about a billion messages being transacted daily.”

Real-world applications of AI

Kohnke and Contreras gave examples where AI applications are already in play. 

• Energy and sustainability
  The National Renewable Energy Laboratory (NREL) is leveraging AI to forecast energy demand and optimize smart grids, resolving faults in real-time and enhancing use of alternative sources like solar panels. On an individual level, tools like Google Nest thermostats use AI to adapt to user preferences and weather conditions, providing energy savings.
• Healthcare
  AI is revolutionizing healthcare through predictive tools that analyze medical imaging for early disease detection. Helping medical practitioners capture notes in real-time and assist with diagnoses—even for veterinary care—are just the beginning of AI’s potential.
• Finance
  AI is enhancing fraud detection, streamlining audits and providing personalized financial advice. Major firms, including the Big Four accounting firms, are investing billions in AI over the coming 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 refining property valuation and helping people find and purchase their dream homes.
• Agriculture  
  AI is enabling precision farming, from advanced weather forecasting to plant disease identification. Autonomous farming equipment, like John Deere’s AI-powered tractors, are on the horizon.

AI’s evolution

From early human-based algorithms and neural networks to today’s generative AI, including large language models (LLMs), the progression has been rapid. These models rely on vast datasets for training, enabling them to perform increasingly complex tasks. 

However, the reliance on data also raises concerns about privacy, bias and ethical use.

Ethical implications and challenges

AI’s imperfections are a key consideration. Kohnke noted that AI still frequently produces hallucinations, meaning it can generate incorrect information or misleading results.

“The secret is data. LLMs need a lot of data to train,” said Contreras. This dependency introduces risks, however, including potential misuse of sensitive or proprietary information. 

Both Contreras and Kohnke also pointed out potential issues with an overreliance on AI, which can compromise critical thinking and creativity.

Trust, ethics and privacy remain essential areas that demand ongoing scrutiny and will guide emerging regulations and standards.

Key recommendations for using AI now

Kohnke and Contreras shared actionable insights for navigating the AI landscape.

• Validate your results: Always verify the outputs of AI tools.
• Challenge assumptions: Use generative AI to test hypotheses and refine ideas.
• Leverage AI as a thought partner: Generative AI excels at synthesizing large datasets, summarizing and brainstorming new ideas.
• Break traditional search habits: Experiment with AI’s unique capabilities, such as asking it to generate questions.
• Keep a human-in-the-loop approach, always integrating human oversight of AI-generated results to ensure accuracy.
• Be curious: Try low-stakes projects to explore AI’s potential without significant risks.

The path forward

“It’s impossible to keep up with everything that’s going on in the AI space right now,” said Kohnke. He noted that the pace of change is staggering, with breakthroughs occurring on an hourly, daily and weekly basis.

Education plays a crucial role in preparing future leaders to harness AI’s potential, said Contreras. “We are always looking for opportunities to collaborate. That has to be how we move forward in understanding how to help businesses. No one has all the answers.”

As the world navigates the complexities of AI, Contreras invoked a guiding principle from Albert Einstein: “I have no special talents, I am only passionately curious.” 

Apropos of this topic, this article was enhanced by the use of OpenAI’s ChapGPT.