HEDY - Life in the AI era is a 2-year Erasmus+ project started in November 2021 (https://lifeintheaiera.eu/). HEDY project stands for being a free and accessible source of information regarding the digital technologies of the 4th industrial revolution (Industry 4.0), namely AI, by enlightening its possible positive future applications, whilst clarifying the possible impacts. Four specific objectives will be produced to reach this goal: 1) a Booklet; 2) a Toolkit; 3) a Massive Open Online Course; 4) a Guideline. In this document, we present the Booklet. The Booklet is an essay defining the HEDY position on life in the AI era and the rational for that position. In this work, we describe and present the results of our two-fold approach to build our rational about the challenges, opportunities and expected impact of AI on four areas: business, governance, skill & competencies, and people & lifestyle. This two-fold approach consists of collecting information from two sources: i) Literature survey, and ii) Interaction with people. Clearly, the first source consists of collecting the current state of knowledge about the impact of AI. The second source was a mixed approach consisting of both questionnaires and focus groups conducted in five different European countries with either experts or non-experts in AI. These two sources provide a unique contribution on AI panorama by combining state of the art research with different social actors’ opinions and debated questions, concerns, and ideas.