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Ongoing efforts to regulate artificial intelligence (AI), such as the recently adopted European AI Act, are affecting organizations that are already hard-pressed to increase their AI readiness. While many fear that such regulations will stifle AI innovation, we argue that they instead set guardrails for, rather than present barriers to, AI initiatives. Thus, organizations need to urgently start preparations for compliance with the AI Act and similar regulations while ensuring continued AI initiative success. In this article, we provide the “AI Act Readiness Framework”, a 2x2 matrix to help organizations map their current AI Act readiness and outline four strategies toward compliant AI initiatives. The framework provides a structured approach to move from low to high AI Act readiness by focusing on achieving clarity regarding legal obligations and compliance. We outline five managerial recommendations that organizations could employ for increased AI Act readiness. In doing so, this paper contributes not only with a framework for organizations aiming to assess their readiness in relation to AI regulation, but also to a future where AI is developed in responsible ways.