innovation lab

Iterate Quickly, Fail Fast

Part of innovation is a risk of failure. An innovation culture requires changing attitudes about failure. In the tech world, teams move quickly to test new ideas and move on if they don’t work. Failure doesn’t mean no accountability; it means testing and proving.

Setting and reviewing OKRs quarterly helps employees establish a routine procedure for this process of testing and failing or succeeding fast. In her ‘Eight Pillars of Innovation,’ Susan Wojcicki – CEO of Google’s Youtube says “It’s okay to fail as long as you learn from your mistakes and correct them fast. Knowing that it’s okay to fail can free you up to take risks. And the tech industry is so dynamic that the moment you stop taking risks is the moment you get left behind.”

LEARN MORE:

Smart Growth America’s The Innovative DOT argues that innovative DOT’s understand that risk and failure are necessary components of innovation.

Overcoming Roadblocks to Innovation: The authors contend that risk aversive executives who hesitate to implement new innovations as one of the principle road blocks to innovation in DOT’s.