Why Failure is So Important for a Successful Innovation Strategy

Innovation requires taking risks and failing. Failure is an important ingredient for success because it helps provide learning opportunities and breakthroughs. However, companies that only reward success may discourage innovation by punishing failure. Good failures are ones that bring knowledge and experience to the team, blaze a new trail, and are rescued. Companies should evaluate how they handle failures and prioritize long-term learning over short-term results.