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Sierra Ventures’ CIO Survey Report Showcases Top Priorities for Today’s CIOs

  Sierra Ventures’ CIO Survey Report Showcases Top Priorities for Today’s CIOs

               Report Finds Traditional IT Providers At Risk -

    CIOs at Crossroads between Innovation and Mission Critical Operations

Business Wire

MENLO PARK, Calif. -- March 5, 2013

Sierra Ventures released today its first CIO Survey Report: “Seizing
Opportunity, The Transition from Legacy to Innovation in Enterprise IT.” The
report is the first in a series to be issued by Sierra Ventures (Sierra) that
leverages information and opinions from Sierra’s CIO Advisory Board.

Sierra partnered with Professor Stuart Evans of Carnegie Mellon
University-Silicon Valley to conduct the survey and compile the report. Sierra
tapped into its CIO Advisory Board, whose roster includes Fortune 500 CIOs and
CTOs from across all major industries, to gather their thoughts and insights.
Carnegie Mellon–Silicon Valley coupled with Sierra’s enterprise expertise and
vantage point helped to identify the key priorities, opportunities, and
challenges that currently face CIOs and CTOs as they shift from legacy systems
to innovative solutions.

The report explores the drivers of this fundamental shift, the CIO’s
perspective on how this new world will take shape and impact their
organizations along with case studies of companies that have found successful
formulas for bringing innovation into the enterprise.

“Sierra’s CIO Advisory Board provided us with so many strategic insights into
the challenges that face today’s CIOs that we decided to formalize them into
this report,” said Tim Guleri, Managing Director, Sierra Ventures. “We found
that today, CIOs and CTOs have to wear multiple hats such as being strategic
while keeping up with ever-changing technology advances and maintaining legacy
systems. They have to evaluate risk, be innovative—all while keeping the
lights on and the systems up and running. CIOs are changing the way they
approach new technologies by sharing and leveraging the risks through strong
relationships with VCs and other CIOs in non-competing industries, and we are
happy to be partners in this journey.”

The Findings

Obviously, organizations that can figure out how to incorporate new
technologies into their core businesses can outsmart their competition, which
has a huge impact on bottom line performance. For instance, results showcased
in the report show that the most important areas for IT innovation are Big
Data and Mobile Devices with CIOs responding as follows:

32% Big Data
32% Mobile Devices
24% Cloud Computing
12% Social Media


Other outcomes found that the demand for better solutions is the business
driver for innovation (52%), followed by competitive pressures (36%) and
global markets (12%).

And, the biggest impediment to IT innovation, CIOs responded as follows:

32% Skills shortage
29% Maintenance of legacy systems
25% New efforts with limited clear goals
16% Scaling/support of new technology for enterprise


Interestingly, the survey found that when CIOs were asked to list which
companies were most at risk for IT spending budgets, 80% of CIOs named at
least one top 10 technology company (by market cap according to Google
Finance).

Overall, the CIOs believe that IT innovation will have the greatest impact on
driving sales growth, and without innovation in the enterprise, growth and
market position will suffer.

About Sierra Ventures CIO Advisory Board

The Sierra Ventures CIO Advisory Board is made up of more than 80 Fortune 500
CIOs and CTOs from across all major industries. They meet regularly throughout
the year to discuss emerging technology trends and provide feedback and advice
to early stage companies. The members of the CIO Advisory Board provide
strategic insights that accelerate the growth of Sierra’s portfolio companies
by facilitating strategic partnerships, sitting on boards, and offering advice
where appropriate. CIO Board members benefit by gaining insight on emerging
market trends and best practices from their top peers in the industry. The
board has become an asset that benefits each stage of Sierra’s investment
process.

About Carnegie Mellon University – Silicon Valley

Carnegie Mellon University – Silicon Valley is a private research university
with a distinctive mix of world-renowned programs in engineering, computer
science, robotics, business, public policy, fine arts and the humanities. In
2002, Carnegie Mellon established its Silicon Valley campus at Moffett Field
in Mountain View, California to expand the reach of its outstanding
professional programs and to perform innovative research that connects it to
local, national, and global high-tech companies.

Long known for its leadership in engineering and computer science research and
education, Carnegie Mellon and the College of Engineering have established a
natural extension in the Silicon Valley, one that integrates the rich heritage
and resources of the Pittsburgh campus with the opportunities available in the
highly innovative and entrepreneurial Silicon Valley.

About Sierra Ventures

Since 1982, Sierra Ventures, a privately held venture capital firm, has helped
hundreds of entrepreneurs around the world begin and grow successful
technology companies. Sierra is investing out of its tenth fund and currently
has more than $1.2 billion of capital under management, focusing on
investments across all areas of the information technology sector from
semiconductors to enterprise software. Sierra’s proven track record of
partnering with visionaryentrepreneursand working with them to build great
technology companies includes the IPOs of Invensense (INVN:NYSE), MakeMyTrip
(MMYT:NASD), Sourcefire (FIRE:NASD), Authentec (AUTH:NASD) and the
acquisitions of Frontbridge (by MSFT), Greenplum (by EMC), DynamicOps (by
VMW), and SyChip (by Murata). For more information please visit:
www.sierraventures.com.

Contact:

For Sierra Ventures
Alissa Bushnell, 415-235-9532
Alissa.bushnell@104west.com