Artificial intelligence (AI) is viewed as a new breeding ground for unprecedented entrepreneurial opportunities. While researchers and practitioners alike agree that AI holds great potential for economic growth, one key question that arises is: How can AI be applied for the greater good of society? In this study, we explore how entrepreneurial ventures apply AI for social good. Our findings reveal four promises and perils that arise when applying AI for social good, and we offer four key takeaways for entrepreneurs who are interested in using AI to create positive societal impact. We also note implications for policy makers.