How to Optimise your Return on Failure (RoF)
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If you’re not failing, you’re not innovating.
Elon Musk’s words are echoed by most successful entrepreneurs and corporate innovators.
If you’re not willing to fail, then you will only ever embark upon safe, incremental improvements, where you have all the answers and therefore can’t fail.
However, in today’s rapidly moving environment yesterday’s answers are fast becoming redundant and tomorrow’s are mostly unknown. The only way to unlock the answers is by doing, failing and learning from your mistakes.
But failure, done incorrectly, can cost companies millions.
This is why it’s important to optimise the Return on Failure (RoF) in order to support management buy-in, optimise learnings and increase an organisation’s likelihood of success when it comes to innovation.
The Equation
If we want to optimise our RoF and therefore our learnings, we need to increase assets whilst decreasing resources.
How?
Increase assets:
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The WorkFlow podcast is hosted by Steve Glaveski with a mission to help you unlock your potential to do more great work in far less time, whether you're working as part of a team or flying solo, and to set you up for a richer life.
To help you avoid stepping into these all too common pitfalls, we’ve reflected on our five years as an organization working on corporate innovation programs across the globe, and have prepared 100 DOs and DON’Ts.
