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Successful Innovators Embrace Failure

November 10, 2017: 12:00 AM EST
While many top executives pay li[p service to the virtues of innovation and creativity, they fear mistakes, missteps, and disappointments. Creativity and innovation disappear. People and organizations need to keep learning as the world changes, or they will stop growing and evolving. One of the reasons for the success of companies like Netflix, Amazon.com, and Coca-Cola, is that their leadership embrace failure as a learning and innovation tool. Coke CEO James Quincey, for example, recently told his executives to shed their fear of failure – remember the “New Coke” fiasco? – so they could really ramp up innovation. “If we’re not making mistakes,” Quincey said, “we’re not trying hard enough.”
Bill Taylor, "How Coca-Cola, Netflix, and Amazon Learn from Failure", Harvard Business Review, November 10, 2017, © Harvard Business School Publishing
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