Memory and storage solutions for technology are built into our everyday life, from mobile applications, cars, health-care systems, and more. To meet that need and help propel innovation, Micron Technology said it would invest $150 billion into research and development to build factories for its semiconductor memory chips. This investment looks to expand not only the reach of memory chips but also to innovate new solutions to common problems, says Naga Chandrasekaran, senior vice president of technology development at Micron.

“The day we stop innovating, not just in memory, but as a human race, the day we stop innovating, we stop progressing and that's not where we want to be. We want to continue to drive innovation,” says Chandrasekaran.

With each iteration of new technology, from phones to cars, consumers are looking for improved performance, lower latency, more storage, and lower costs. Meeting these expectations means finding solutions at an atomic scale and making micro changes to push the boundaries of what’s possible.

Since its inception 44 years ago, Micron has developed over 50,000 patents. While Chandrasekaran emphasizes that patents are just one part of fostering innovation, they do represent the strides toward greater innovations and the company culture that Micron has worked to establish.

While having strong team members is important, the culture that a company fosters is just as crucial when it comes to seeing positive results. Chandrasekaran says that building successful teams that can create so many patents and build technologies with an eye on innovation requires a certain company mindset that doesn’t shy away from mistakes or failure.

“So we are taking risks on a regular basis, but the key is to make sure we can fail fast and not see those failures as a mistake, but actually learn from them.” Chandrasekaran continues, “That's why failing fast is important, but not being afraid of failing.”

In addition to taking risks, diversity has become a significant contributor to driving new solutions. Between 2017 and 2021, the number of women listed as inventors on Micron patent applications quadrupled. Chandrasekaran says that for any sustained success and innovation to be possible, diversity is necessary.

“No matter what we say, we are all limited in our thought process in how we approach problems, in how we approach solutions. And even with a growth mindset, we have limitations, because we are who we are based on the experiences and the exposures that we have gained,” says Chandrasekaran. “So diversity brings in not just from a gender diversity or ethnic diversity, but if we look at diversity from a broader scale, it's diversity of thought process.”

This episode of Business Lab is produced in association with Micron Technology.