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How to fail smart

Joel Filipe

To become truly innovative, companies must learn to accept, discuss and learn from their failures, write Paul Boston and Bin Zhao for Ivey Business Journal.

For many businesses failure is a dirty word. Operating in a society where perfection is espoused and so-called “overnight success” stories are celebrated, senior managers are reluctant to admit to their company’s failures, let alone dissect the reasons for those failures, learn from them and use those lessons to drive innovation.

According to Paul Boston, performance consultant and founder of Canada’s Actus Performance Inc, and Bin Zhao, associate professor of management and organisation studies at Canada’s Beedie School of Business, Simon Fraser University, “learning from failure often leads directly to innovative products, processes, and services”.

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Source Article: Failing To Innovate
Author(s): Paul Boston and Bin Zhao