Failure must always be an option
Failure is necessary for innovation, but its definition in most firms is flawed. Failure is often seen as a cataclysmic, one-time event that ends badly and is ridiculed. This culture rewards success and makes failure an unacceptable outcome. To create meaningful failure, it must be contained, inexpensive, predictable, and likely to be part of a learning process. Controlled experimentation is key to reducing costs, uncertainty, and risks. Reframing failure as part of learning can lead to valuable insights, knowledge, and better products.
