The coronavirus epidemic has advanced the role of CIOs. They strive to balance business priorities with economic constraints while exploring innovative prospects to survive the crisis. Startups are not just an option but an enticing opportunity for them. What could be the reason for it? In this article at CIO Dive, Samantha Ann Schwartz believes that the CIOs can nurture tech-savvy startup ventures. Their job is to strike a balance between business growth and market competition.
A Strategic Deal
Startups are making headlines now and then for speed, innovation, and openness to experiment. CIOs prefer Silicon Valley startups as innovation incubators because leading organizations struggle to overcome issues triggered by the pandemic. According to a venture capital firm Sapphire Venture’s recent report, about 85 percent of organizations are keen to team up with startups.
CIOs have reformed IT businesses in the last couple of years by upgrading existing technologies. They played a lead role in shifting IT infrastructure to a remote work model in the lockdown.
New CIO Fad
The CIOs opted to invest time and skills in building a business strategy to address startup challenges and help a dwindling marketplace. Investing in it now when the product roadmap is an exceptional and significant motivation for the CIOs.
The CIOs have a vision, resources, clients, and understanding of the existing market gap. The startups have artificial intelligence (AI), machine learning (ML), and other advanced tools. Together they can close the market gap and get a competitive advantage.
According to the Sapphire report, almost two-thirds of IT leaders and CIOs have invested in AI and ML startups. Many are investing in augmented reality and prefer to lead their digital transformation. Startups play a significant role in enterprise technology and can imitate a specific solution.
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