Failure can be a very good thing.
In fact, according to Baba Shiv, Sanwa Bank, Ltd. Professor of Marketing at the Stanford Graduate School of Business, “From so-called ‘failures’ emerge those valuable gold nuggets — the ‘aha!’ moments of insight that guide you toward your next innovation.”When boundaries are pushed, when industry is disrupted, mistakes are almost inevitable. But in the redesigning, restructuring and rethinking of an idea, pure gold can sometimes emerge.
In Why Failure Drives Innovation Shiv divides people into two groups in terms of how they view failure: type 1 people are fearful of making mistakes; type 2 people are afraid of missing out on opportunities. He says that we generally start out as type 2 people–adventurous children who aren’t afraid of making mistakes. But slowly, many of us become type 1s.
The following infographic from the CBC celebrates the type 2s out there, showcasing some failures that turned into huge successes.