The hidden psychology of failure

If at first you don’t succeed, try, try again. Words of wisdom heralded throughout our upbringing, to be sure. But is there any scientific proof that successive failure is positive and propels innovation forwards?

Tom Pohlmann, head of strategy and value at Mu Sigma, a decision science and data analytics firm, says there is, having studied in depth the idea of successive failure. “The rapid change of pace in business puts companies under pressure to innovate constantly, new technologies are making it possible to meet this challenge through on-going experimentation,” he said. Mu Sigma’s report shows failing fast and often is the best approach and the key to success in many areas of business.

What industries are embracing this mantra and running ahead of others in this innovate-as-you-go approach? What industries would you like to see adopt this approach in your society?

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