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f 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.

SO how do we optimise RoF? Listen to this episode of Fast Fix Friday to find out!

If you’ve got any questions on this podcast feel free to send an email to [email protected] or tweet me on Twitter @steveglaveski

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For more information on Collective Campus, our innovation hub, school and consultancy based in Melbourne, Australia, check out www.collectivecamp.us