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Apple CEO Steve Jobs is among the greatest innovators of our time. And yet his genius for understanding business is rarely explained in any public way. Rarer still is to hear the advice he would give to the CEO of another hugely successful company: Nike. But that's exactly what you'll learn from this video, in which Nike president and CEO Mark Parker tells about the advice that Jobs gave him shortly after the release of the Nike+ product line. It's a simple bit of wisdom that any entrepreneur can relate to: "Get rid of the crappy stuff."

Easy to say, hard to do.

"I expected a little laugh," Parker says of the exchange. "But there was a pause and no laugh at the end."

The setting here is Fast Company's Innovation Uncensored conference on April 21, 2010, in New York City. It was a tough ticket to score, but for those who didn't, we're offering highlights. More to come this week.

Discuss the event and submit questions to the speakers at the Innovation Uncensored Facebook page.