On today’s How to CEO podcast, I had the chance to consult with Jason Schlachter, a senior program manager for Artificial Intelligence from Stanley Black and Decker. He’s going to give us some insight as to how innovation works from a corporate perspective in addition to share his view on how to translate business requirements into an innovation project. Here is what CEOs need to know about innovation.
How does innovation work from the corporate perspective?
Jason highlighted the truth that there is no silver bullet to innovation. crucial, there are studies that show that 65 to 85% of all AI projects fail. The the fact is when innovation works, it’s working due to the business driving it in the first place, however the business must want change in the first place. There needs to be a customer problem they’re trying to fix plus they need to be willing to invest the time and money to the success of the innovation project.
Innovation doesn’t work once you try and sell the tech within the company. Typically, it’s never the tech that fails; it’s the transition of good tech or capability to the business.
How would you translate a company requirement in to an innovation project?
It’s Jason’s view that you’ll require to find out more about the different forms of innovation to be able to translate the business requirement into an innovation project. He believes the ultimate goal lies within the disruptive side of things.
When taking a look at disruptive innovation, you can develop a small team with different functions and acquire them to drive your time and effort, similar to a startup. This way they’re clear of the organizational constraints and bureaucracy, allowing them to build the momentum they require to succeed. In short, unbranded organizations have more flexibility and creative freedom.
Jason believes it is important to understand that anybody can innovate. It originates from understanding customer problems.
How would you see corporate working well with the startup ecosystem?
For corporate to work well with the startup ecosystem, you’ll need the capital raising arm. Jason explains that at Stanley Black and Decker, they will have a venture team that invests in dozens of startups that align with their business. Having a venture capital arm trying to drive strategy is vital. It’s not all about money. They look at gaining data, customers, and different other forms of information and value from their investments.
If you want to hear more from Jason, make sure to listen to the full version of this episode below.