Why CIOs need to think like venture capitalists
If you had the opportunity to be the next Uber would you take it?
An innovative technology could mean a company’s big break or, as in the case of Uber, disrupt an entire industry.
Nowadays, businesses have to adopt and adapt to new technologies that might give them a competitive edge — and CIOs are in the position to help. But how do you know which new technology will pay off for the business and which will peter out — or worse, inflict damage.
One way for CIOs to get in the technology innovation/disruption game, according to a new report out by Deloitte, is to start thinking like a venture capitalist. As Associate Site Editor Fran Sales reports in this week’s Searchlight column, venture capitalists accept that some investments will be successful and others will fail — and hedge their bets accordingly. Of course, that’s a tall order for CIOs whose job, after all, is to ensure the reliability of IT operations.
Need some encouragement? Read about how Charles Weston, the former CIO of Bloomin’ Brands, took a flyer on cloud early on despite his teams’ concerns.
In other news this week, is Cyber Monday the new Black Friday? Also, read about the rise of the chief data officer, how Apple is under fire for deleting music that some of its iPod users downloaded from rivals, and more in this week’s Searchlight.