Should embrace failure for innovation?
Im interested to hear people thoughts on this – Do you view "failure" as good for innovation in the term?
From what I've seen,lack of innovation in companies is down to managers prioritizing short term kpi's , and the potential stigma that goes along with failure. But i think that without viewing failure as a postivie to be reward for innovation, you are at risk of falling behind more innovative competitors as employees/managers will not be willing to develop new ideas. Tesla, Apple and many other companies are examples of enterprises not only being highly innovative but also entering new markets that havent changed a lot in many years (like insurance for example) leaving incumbents with new challenges.
Shouldnt failure be encouraged in business – because it fosters a culture of innovation which will ultimately lead to success in the long term? Or is it just too risky for established business to be seen as failing when a new idea doesnt take off?