Risk, by its very nature, implies an element of failure.
But nobody–most especially companies and corporations that must stay profitable to remain in business–enjoys failure.
This leads to a paradoxical situation: Everyone recognizes the importance of innovation but few are willing to pay the real price (i.e. occasional failure.)
What then is a company to do?
One interesting option comes from Jim Donald, the CEO of Extended Stay America, who, in an attempt to get his cautious employees more comfortable with risk-taking, has taken to giving his employees Free: Get out of Jail cards that they can use as immunity for those risks they take but which result in failure.
Another option is to create a “heroic failure” award as Grey New York has done.
How are you creating a culture of innovation–and risk-taking?
Interested in some other ways to unlearn your approach to failure? Check out these older posts: