What do product leaders need to consider when driving innovation at large organizations? In this episode of Product Talk hosted by EY Platform Operations Lead Justin Leibow, EY Ecosystem Leader Terry Luciani speaks on his extensive experience in fostering innovation, including the launch of EY's Growth Labs program and his previous work at MetLife. The discussion covers strategies for overcoming the challenges of driving innovation in established firms, such as securing leadership buy-in, empowering employees, and measuring success. Terry also discusses approaches to building a balanced portfolio of innovation bets, from near-term optimizations to long-term, transformative initiatives, as well as the importance of partnering with startups and external innovators to access unique capabilities while protecting an organization's core competencies. Finally, Terry provides valuable advice for product managers on being thoughtful, open-minded, and willing to take calculated risks in order to drive impactful innovation.