If you haven’t been introduced to Mark Suster and his work at “Both Sides of the Table” then we have a pleasant surprise for you.
Mark recently explored Why Acceptance of Failure is Critical to Startup Success? a perfect follow on to our most recent post on innovation, risk, and national culture.
An excerpt from Mark’s post below, follow the link at the end of this post to read the entire article and more of Mark’s great writing at Both Sides of the Table.
“So I wondered out loud with the president if the government wanted to encourage more entrepreneurship — was there a way to help promote more of a culture accepting of failure? After all, if people feel more of a safety net for trying and not succeeding more people are bound to try in the first place and more innovation is almost inevitable.
Could government establish laws the encourage more risk-taking knowing that the consequence of 98 failures but 2 massive successes were enough to transform industries and society and lead to both job and wealth creation?
Could leaders of society try to change the culture in ways that encourage acceptance of failure? Could Korea’s largest companies increase their funding of startups and provide them with initial business development deals as so often happens in Silicon Valley? Could big business accept its own creative destruction?
I’m not sure I know how societies can change to become more tolerant of failure but at a minimum an acknowledgement of a problem has got to be the starting point for making change.
I feel strongly that lowering the bar for risk-taking in all of its forms: liabilities, work-force flexibility and de-stigmatizing of businesses that don’t succeed would inevitably lead to more innovation and more job creation.