What the Museum of Failure Teaches Us About Success
Innovation Requires Failure
In a recent MarketWatch article, Richard Holt, A&M Managing Director and Corporate Transformation Services co-leader, reminds us that the pursuit of innovation is not always a smooth journey. In fact, it often involves bumps, twists, and sometimes spectacular failures. That's the painful, yet ultimately uplifting lesson you'll discover at the Museum of Failure, a captivating exhibit curated by Samuel West, an organizational psychologist and host of the "Art of Failure" podcast. This museum showcases a curated collection of products and services that met their demise, providing visitors with unique insight into the risky business of innovation. Many of the failures on display come from remarkably successful companies such as Apple, Coca-Cola and Ford Motor. That’s no coincidence—it's a testament to the fact that great companies and their leaders are willing to fail, understanding that failure is a stepping stone to success.
The Museum of Failure exemplifies a vital lesson for leaders and innovators: most innovation projects fail. It may seem counterintuitive, but failure is the necessary prelude to success. It serves as a powerful motivator for both companies and their forward-thinking innovators.
Embracing Innovation and Learning from Failure
Innovation is more than just embracing new ideas; it's a dynamic process of cultivating fresh perspectives, refining processes and delivering groundbreaking products and services. To truly become an innovative organization, companies must do two things:
- Embrace and Foster Learning from Failure: It's not just about accepting that failure is possible—it's about actively learning from it. Failure is often the catalyst for transformative growth.
- Support and Reward Leaders Who Do So: The leaders who aren't afraid to venture into the unknown, even if it means encountering failure, are the ones who drive innovation forward.
No company sets out with the intention to fail, but with the right mindset, it's possible to take the calculated risks required for innovation and, ultimately, triumph. Read the full article to discover thought-provoking perspective on failure as an integral part of innovation and success.
