“Failure, and how companies deal with failure, is a very big part of innovation,”
“I thought rewarding a little risk-taking was potentially an answer,” Mr. Myhren says. The award is for ideas that are “edgier or riskier, or new and totally unproven,” he says.
Many people succeed at producing innovations because they churn out a very large number of ideas, both good and bad, says Dean Keith Simonton, a psychology professor at the University of California, Davis. “The most successful people tend to be those with the most failures,” says Dr. Simonton, author of more than 500 studies and articles and 12 books on creativity and innovation.
Innovation goes hand in hand with failure. Risk taking attitude is the key for elite entrepreneurs (not survival entrepreneurs).