Eric Colson, former Chief Algorithms Officer at Stitch Fix and VP of Data Science at Netflix, discusses why 90% of data science initiatives fail. He emphasizes the need to treat data scientists as strategic drivers rather than mere service providers. Colson highlights the power of cognitive repertoires in problem-solving and advocates for a culture of experimentation, where trial and error leads to innovation. He also shares insights on restructuring data teams to transform them from cost centers into revenue generators, enhancing business value through collaboration.