The webinar, hosted by Stanford’s Doerr School of Sustainability and WBCSD, explored how innovation and AI can drive sustainable growth, emphasizing the need for rapid adaptation, leadership engagement, and integrating sustainability into business strategies. Jeff Wong, former EY Global Chief Innovation Officer, shared practical insights on fostering innovation in large organizations, overcoming resistance, and ensuring measurable impact through CEO commitment and a portfolio approach.
The webinar, hosted by Stanford’s Doerr School of Sustainability in partnership with the World Business Council for Sustainable Development (WBCSD), focused on the intersection of innovation, growth, and sustainability in the era of artificial intelligence (AI). Riley Stevens opened the session, introducing the speakers and highlighting the global audience. James Gome from WBCSD emphasized the importance of collaboration between academia and business to address sustainability challenges, particularly as AI rapidly transforms industries and creates new opportunities for sustainable development.
Professor Mike Lepech, the moderator, introduced guest speaker Jeff Wong, former Global Chief Innovation Officer at EY (Ernst & Young). Wong shared his experience leading innovation in a traditionally conservative industry, explaining that even established firms must adapt quickly to technological changes. He noted that EY’s access to vast amounts of client data, combined with AI, enabled the firm to develop new products and services, transforming both internal operations and client offerings. Wong stressed that the pace of change today is unprecedented, with multiple disruptive shifts occurring within a single generation, making rapid adaptation essential for survival.
The discussion delved into practical strategies for managing innovation in the AI landscape. Wong advocated for leaders to “get their hands dirty” by personally engaging with new technologies and encouraging their teams to do the same. He emphasized a portfolio approach to innovation, similar to venture capital, where multiple projects are pursued, and resources are doubled down on successful initiatives. Wong also addressed the challenges of working with sensitive data in a highly regulated environment, explaining how EY balanced experimentation with strict compliance and client trust.
A significant portion of the conversation focused on overcoming “innovation fatigue” and aligning leadership around innovation strategy. Wong described how innovation efforts at EY grew from a small, underfunded initiative to a major investment area by demonstrating clear returns—at one point generating $6.50 in revenue for every dollar invested. He highlighted the importance of CEO sponsorship and cultural change, noting that consistent storytelling and recognition of innovation heroes helped shift the organizational mindset. Wong also acknowledged the inevitability of resistance, advising innovation leaders to accept that not everyone will support change but to secure enough alignment to move forward.
The webinar concluded by exploring the parallels between innovation and sustainability, particularly the need for long-term, CEO-level commitment and measurable impact. Wong argued that large companies play a crucial role in addressing climate change and that sustainability should be integrated into the innovation portfolio, with clear metrics for value creation. The session wrapped up with an invitation to Stanford’s upcoming executive program on leadership, science, innovation, and resilience, offering participants a deeper dive into these topics through immersive learning and real-world excursions.