Startups are the constant source of innovation in the IT industry, and CIOs are qualified to nurture their innovative mindsets. Together, the CIOs and startups can lift the IT industry’s standards.
In this article at Forbes, Joe McKendrick believes that the growing demand for artificial intelligence (AI) and machine learning (ML) has encouraged many CIOs to invest in startups. Their fresh and innovative ideas can bridge the existing market gap.
A Strategic Bet
The startups have speed, innovation, and a modern approach to use practical methodologies. While the CIOs have funds, vision, big clients, and knowledge to bridge the market gap. Together, both can accelerate AI or ML solutions. However, the CIOs are fascinated with the promise of innovation but daunted by the risks.
Where Are CIOs Investing?
Even though the CIOs are more inclined towards startups for AI solutions, they still prefer to acquire cloud and security solutions from established vendors.
The CIOs rely on startups for delivering better customer experience, agile product roadmaps, and modern architecture. However, many startups lack global competencies and efficiency. Their work culture is different from established organizations.
The startup ecosystem is vast, and risky as they put value creation ahead of other market challenges. So, the CIOs need to allow the startups to lead, agree on success measures, and create a process to disengage, if their partnership does not work in future.
The author believes that some CIOs choose to work with startups to imbibe their qualities and embed it in their company’s DNA to accomplish digital-driven innovative. By gaining an edge over the startup mindset, soon, the CIOs will turn into a revenue generator from a third-party mediator. Click on the following link to read the original article: https://www.forbes.com/sites/joemckendrick/2019/10/31/for-artificial-intelligence-capabilities-cios-prefer-to-work-with-startups/#205646cb26ba