The culture of fail fast, fail often in innovation: Effective?

The concept of fail fast, fail often is not just a silly business strategy despite its negative connotation. The goal of this approach is to learn from failures and identify the flaws in an initial idea to make rapid improvements. By testing ideas in advance, companies can optimize their product’s life cycle and move up the value chain faster. However, it takes more than effort and determination to execute this approach repeatedly. To establish a culture of fearless innovation, companies should define when something is a good idea, establish rules of engagement, take failures as an opportunity to learn, lower the cost of failure, and commit to a culture of failure readiness and acceptance.