Yet the downsides can be daunting. Shaky financials. Lousy customer support. Integration nightmares. Dysfunctional leadership teams. Technology that can't scale to handle enterprise needs.

"It takes time and direct involvement," says CIO Tracey Rothenberger of Ricoh. "But if you're truly getting a unique value proposition that you can't get elsewhere, you have to be willing to invest in this stuff."

That time-and-attention factor is perhaps the most significant piece of the startup puzzle. CIOs who do the best job of managing vendors will tell you they spend 20-30 percent of their time nurturing these partnerships, especially when new ventures are part of the mix.

If you haven't mentored any startups lately, our story may inspire you to get back in the game.

in CIO's CIO Role Drilldown.