TomorrowToday.biz : Failing your way to Innovation Success - March 2005 Raymond de Villiers picks up on the recent trend towards embracing failure in order to achieve innovation leadership. He argues that the perception that failure is always a costly exercise is holding companies back. He goes on to suggest that "There are a few things in your world that your competitors can never copy, and your failures fall into this category. Your failures are uniquely yours, so why not benefit from them?"
So what does he suggest?
1) See failure as an investment
2) Analyze failure and learn from it
3) Create a safe space to share failures
4) Focus on increasing the quantity of ideas generated, not just their quality
5) Distinguish between excusable and inexcusable failure