Here's how you can harness the potential benefits of embracing failure and taking risks in R&D.

Embracing failure and taking risks in R&D can unlock a world of potential benefits. It's all about the "fail forward" mentality. When we're willing to push boundaries and step outside our comfort zones, we open ourselves up to new discoveries and breakthroughs. Failure becomes an opportunity for growth and learning, rather than a setback. By analyzing our failures, we gain valuable insights that can guide us towards success. It's like a puzzle – each failed attempt brings us closer to finding the right pieces.

At one point, I was heading a US-based project and serving as director for three start-ups. I learned that taking smart risks is crucial to achieving objectives and ensuring projects reach their logical conclusion. Embracing failure and risk-taking allows for innovation and growth, turning setbacks into valuable learning opportunities. By strategically assessing and taking calculated risks, you can drive your projects forward effectively and maximize their potential for success. The only limitation will be your fear of failure.

When we embrace failure, we recognize that it's not a reflection of our worth or abilities, but rather an opportunity for growth. Each failure becomes a valuable lesson, guiding us towards better solutions. We can identify what didn't work, understand why, and make the necessary adjustments to our approaches. The magic of rapid iteration lies in its ability to keep us on our toes. It's an invitation to think outside the box, explore unconventional ideas, and take calculated risks. When we celebrate both successes and failures, we create an environment where team members feel empowered to share their wildest ideas and push the boundaries of what's possible. Failure and rapid iteration are stepping stones towards progress.

I would take a different perspective on this. I don’t disagree with the principles above but having worked in R&D for 10 years of my career I think it’s about taking risks whilst looking for clues that build your case. Yes you have to be brave but if you build up confidence and momentum through clues and signals that you are on the right track you can take more calculated risks AND bring the business with you (which is half the battle). E.g. Consumers can’t tell you what they want but data could show how many people are searching online for a particular emerging need. As Helen Edwards identifies in her book Marginal to Mainstream, there are beacons that provide clues to how people might be adopting a new behaviour you can develop for.