Friday, March 18, 2011

Why failure drives innovation

Attached is a brief article from Professor Baba Shiv of Stanford School of Business. He has an interesting take on the approach to failure within the innovation space and even highlights rapid prototyping as an essential part of the process.

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Silicon Valley is populated with people who fear only sitting on the bench while someone else scores with a great idea, says Professor Baba Shiv. How people approach failure is a key to success, he argues.

STANFORD GRADUATE SCHOOL OF BUSINESS—"Failure" is a dreaded concept for most business people. But failure can actually be a huge engine of innovation for an individual or an organization. The trick lies in approaching it with the right attitude and harnessing it as a blessing, not a curse.

I've coined two terms that describe how people view failure: the type 1 mindset, and the type 2 mindset.

Click here to read the full article.

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