To innovate, you need to fail

Watch out for failure

If we’re looking to innovation to help us out of this economic cartoon we find ourselves in, we’ve got to start learning to embrace failure.

So says Charles Plant, resident entrepreneur and director of a key MaRS entrepreneurship program in the Report on Business article, Failure and risk.

“Trying different things is the act of innovation.” Says Charles. “If you fail 14 times, hopefully you’re going to succeed on the 15th try. Without failure, we’re not going to be driving and growing the economy.”

So start acknowledging those failures. You’re never going to get anywhere without learning from them. Discuss them. Incubate a culture of risk — it’s the only way you’re going to do things that have never been done before, you’re probably going to get them wrong the first time. And that’s OK — it might just be a sign that you’re on the right track!

Watch the video and read the full article here: Failure and risk

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Tags: charles plant, economics, failure, innovation