Want to increase innovation? Lower the cost of failure.
Interpretation
Encouraging innovation involves making it easier to take risks without severe consequences.
Joichi Ito’s quote emphasizes that for innovation to flourish, organizations and individuals must create an environment where failure is not feared but rather accepted as a part of the creative process. By lowering the cost of failure, more people will be willing to experiment and push boundaries, leading to greater advancements and discoveries.
In practice
In a business meeting discussing new project proposals, this quote can encourage team members to take creative risks.
Consequently, the only thing I learned in school was typing. In the old days, people like me who don't have college degrees had a hard time thriving in society. But today, the ability to learn on your own or from your peers has become really easy. I think this change is leading to a fundamental disruption in education. Independent and lifelong learning are really starting to peak - there is an inflection point coming around how people learn.
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For a long time, I've ranted against naming your startup community 'Silicon Whatever.' Instead, I believe every startup community already has a name. The Boulder startup community is called Boulder. The L.A. startup community is called L.A. The Washington D.C. startup community is called Washington D.C.
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